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Chinese solar power equipment makers are sliding across the board, with Sungrow Power Supply sliding more than 4%, falling more than 6%.
The US Senate approved a measure Wednesday that would reinstate tariffs on solar panel imports from several Southeast Asian countries after President Joe Biden paused them in a bid to boost solar installations in the US.
The measure is part of efforts by newly empowered Republicans to rebuke the Democratic president and block some of his administration’s initiatives, particularly on the environment.
Lawmakers who want to overturn the tariff exemption say the White House’s stance harms US solar manufacturers while benefiting their Chinese competitors, many of which route their products through Southeast Asia countries to skirt US tariffs on China.
Biden has vowed to veto the legislation, which passed the House of Representatives last week. It is not expected to have enough support to override a presidential veto.
Biden, a Democrat, waived tariffs on solar imports from Malaysia, Cambodia, Thailand and Vietnam for two years last June after solar project developers said they would increase their costs and freeze development.
Panels from the four nations, which host manufacturing facilities owned by Chinese companies, account for about 80% of U.S. supplies. Domestic producers say they cannot compete with the cheap products made overseas.
