Canadian Solar Inc. (CSIQ) shares plummeted over 17% in pre-market trading on Wednesday, as the renewable energy sector witnessed a broad selloff following Donald Trump's victory in the U.S. presidential election.
The market reacted negatively to Trump's win, raising concerns that his administration, along with a Republican-controlled Congress, could derail progress in clean energy initiatives and weaken support for the solar industry.
Investors fear that the new administration may potentially repeal the Inflation Reduction Act, which provided tax credits that benefited clean energy stocks like Canadian Solar. Trump has previously expressed skepticism towards renewable energy sources like solar and wind power, and his previous term saw the dismantling of several major climate policies and environmental regulations.
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