Solar industry stocks jump as Biden announces tariff suspension

Solar companies and their investors hailed the Biden administration's move to jolt the U.S. solar industry with a new order that both temporarily removes tariffs on imports and bolsters domestic manufacturers.

Why it matters: Solar installations were expected to fall by 7% in 2022, according to S&P Global Market Intelligence, as the industry faced supply concerns triggered by the prospect of retroactive penalties applied to previously imported products.

The Commerce Department announced in late March that it was investigating whether Chinese solar manufacturers improperly circumvented duties by subsidizing production in several southeast Asia countries.

Solar imports plunged, though they remained well above 2018 levels, when imports plummeted due to President Trump's imposition of a 30% tariff.