(S&P Capital IQ)7/27/204
The U.S. issues preliminary anti-dumping tariffs of 26%-165% on China/Taiwan-made solar goods, with TSL facing the least stringent penalty. We note subsidy duties announced in June. This result differs from the '12 version in that Taiwan makers are now included. We view this as a negative for China/Taiwan makers, as the tariffs would hurt costs/margins. While we think they are largely discounted, they could act as a headwind to upcoming earnings results. We see First Solar (FSLR 66****) and SunPower (SPWR 38****) as beneficiaries and the U.S. consumer as a loser (higher prices).
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