Shares of Waaree Energies, Premier Energies, and Vikram Solar dropped as much as 15% on Wednesday, February 25, following the announcement by the Trump administration of preliminary tariffs of 126% on solar imports from India, as per news reports.
Provisional tariffs have also been established ranging from 86% to 143% for imports from Indonesia and set at 81% for those from Laos. The US Commerce Department indicated that these rates were determined based on foreign subsidies that enabled exporters to underprice domestic solar manufacturers, according to news report.
Initial duties have been established between 86% and 143% for imports from Indonesia, while duties for imports from Laos have been set at 81%. As per the US Commerce Department, these rates were established based on foreign subsidies that enabled exporters to undermine domestic solar manufacturers.
These duties will differ from the reciprocal tariffs that were imposed by the Trump administration and were invalidated by the US Supreme Court last week. In retaliation, Trump originally announced a universal tariff of 10% before increasing it to 15% over the weekend. The 10% tariff came into effect last night, according to local time.
The US Commerce Department noted that the value of solar imports from India in 2024 amounted to $792.6 million, which is over nine times the value reported in 2022.
(more to come)