US imposes 126% duty on Indian solar equipment. The US Department of Commerce announced preliminary countervailing duties of 125.87% on Indian solar cells and modules, significantly restricting exports to a crucial market. Indian solar manufacturers including Waaree Energies, Premier Energies, and Vikram Solar saw share prices decline sharply following the announcement. The investigation, initiated in August, concluded that Indian producers benefited from government subsidies that distorted US market competition. Indian solar exports to the US reached $792.6 million in 2024, over nine times the 2022 value. Major manufacturers have already begun diversifying supply chains and reducing US shipments ahead of the final determination scheduled for July 6. Some companies report limited direct impact through localized manufacturing and non-Chinese polysilicon sourcing strategies.
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