The US Department of Commerce recently announced preliminary antidumping tariffs on crystalline solar cells from Cambodia, Malaysia, Thailand, and Vietnam. The tariffs range from 0% to 271.28%, with Hanwha Qcell Malaysia receiving 0% and Vietnam-Wide Entity facing 271.28%. Chinese solar companies with operations in these countries face significant tariffs: Jinko Solar (688223.SH) products in Malaysia at 21.31% and in Vietnam at 56.51%; Trina Solar (688599.SH) in Thailand at 77.85% and in Vietnam at 54.46%; and JA Solar (002459.SZ) in Vietnam at 53.30%. The final decision is expected by mid-2025.
The investigation began in May 2024, and earlier subsidy tariffs were lower, between 0.81% and 8.25%. The new tariffs could weaken Southeast Asia's ability to export to the US. Despite this, the US solar market remains attractive due to high profitability, supported by the Inflation Reduction Act, which boosts domestic solar production.
