Waaree Energies says US manufacturing to insulate 126% solar import duty blow. Check more details
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US President Donald Trump’s administration has imposed preliminary duties of 126% on solar imports from India after determining that the country unfairly subsidised its manufacturing sector. The United States Department of Commerce also set initial countervailing duties ranging from 86% to 143% on imports from Indonesia and 81% on shipments from Laos. The rates are based on findings that foreign subsidies enabled exporters from these nations to undercut domestic U.S. solar producers. Following the announcement, shares of Waaree Energies fell as much as 15% before trimming some losses. However, in an interaction with ET Now, the company indicated that its expanding U.S. manufacturing footprint is expected to cushion the impact of the duties. Abhishek Pareek, Chief Financial Officer of Waaree Energies, said the company will not revise its capital expenditure plans and remains firm on its capex guidance. He added that the firm is on track to...