First Solar: Recent Media Reports Hint at Tightening Restrictions on US Solar Imports

Last week, Reuters reported the Biden administration is expected to reinstate 15% tariffs on bifacial solar modules. This follows speculation that a new round of antidumping and countervailing duties (AD/CVD) could be coming this summer. We view these reports, along with recent comments from Treasury Secretary Janet Yellen, as pointing to further tightening of solar panel imports into the US. Further tightening would benefit First Solar, while being a net negative for the rest of our solar sector coverage.