Shares of JinkoSolar Holding Co. Ltd. (JKS) surged over 8% in premarket trading on Tuesday, following reports that the U.S. Department of Commerce is considering revoking antidumping and countervailing duties on solar products imported from China.
The potential removal of these tariffs, which were implemented in 2012 and 2015 respectively, could be a major boost for JinkoSolar and other Chinese solar panel manufacturers. It would make their products more cost-competitive and profitable in the lucrative U.S. solar market, which has been hampered by the trade duties.
As one of the world's leading solar companies headquartered in China, JinkoSolar has felt the impact of these tariffs on its exports to the United States. Lifting the duties could unlock significant growth opportunities and improved margins for JinkoSolar in the years ahead, as the company aims to capitalize on the growing demand for solar energy.
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