Enphase Stock Surges Amid Biden's Tariff Boost On Chinese Solar Imports
Portfolio Pulse from Vaishali Prayag
Enphase Energy, Inc. (NASDAQ:ENPH) shares surged following President Biden's announcement of increased tariffs on Chinese solar imports. The tariffs, raised from 25% to 50%, aim to curb cheap Chinese products and protect American jobs. This move is expected to benefit U.S.-based solar companies like Enphase by reducing competition and boosting market share.
May 24, 2024 | 6:01 pm
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Enphase Energy, Inc. (NASDAQ:ENPH) shares surged by 6.41% following the announcement of increased tariffs on Chinese solar imports. The 50% tariff is expected to reduce competition from cheaper Chinese products, potentially boosting Enphase's market share and profitability.
The increased tariffs on Chinese solar cells are likely to reduce competition from lower-priced imports, which is favorable for U.S.-based solar companies like Enphase. This policy change is seen as a positive development by investors, contributing to the rising share prices.
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