JinkoSolar sinks as exports to U.S. could see higher anti-subsidy tariff – Bloomberg

JinkoSolar (NYSE:JKS) closed -5.6% on Wednesday following a Bloomberg report that solar cells and modules imported into the U.S. from the company’s affiliates in Malaysia could be subject to a higher anti-subsidy duty due to an alleged miscalculation in an ongoing trade investigation.

The U.S. government had preliminarily imposed a 3.47% countervailing duty for the solar cells and modules, but a group of domestic solar manufacturers said in a filing a “significant [but] unintentional” clerical or copying error means the actual tariff should be closer to 13%, according to the report.

The companies seeking the change as part of the American Alliance for Solar Manufacturing Trade Committee reportedly have asked the U.S. Commerce Department to amend its preliminary determination and issue a new rate for JinkoSolar (JKS) as well as other Malaysian solar exporters.