- President Trump on Monday
- The move is being praised by some US businesses, but could hurt jobs in the long term, industry groups say.
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Solar stocks are surging on President Trump's new tariff announcement
However, the move could hurt jobs and the industry at large in the long run.
President Trump on Monday announced a 30% tariff on imported solar equipment spanning at least the next four years, and many US solar stocks exploded on the news.
Here are the biggest movers:
- SunPower
- , based in California, got a 5% boost after the news.
- SolarWorld
- , a German manufacturer with an American arm, gained 5% after the news.
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The new rules come after a handful of US-based manufacturers complained cheaper imports from abroad — specifically from China — were hurting their business by undercutting prices.
SolarWorld had lobbied the International Trade Commission on behalf of the group, and released a statement Tuesday praising the new law:
Despite the gains by US companies, several trade groups said the move would hurt the American solar industry in the long run.
“While tariffs in this case will not create adequate cell or module manufacturing to meet U.S. demand, or keep foreign-owned Suniva and SolarWorld afloat, they will create a crisis in a part of our economy that has been thriving, which will ultimately cost tens of thousands of hard-working, blue-collar Americans their jobs,” Abigail Ross Hopper, head of the Solar Energy Industries Association said in a statement.
The group estimates 23,000 jobs could be lost this year as a result of the rule, and "will result in t
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Solar energy has been one of the fastest growing areas of the workforce in recent years, the nonprofit Solar Foundation says, and currently employees more than 260,000 workers.
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