On April 7th, the A-share market took a significant hit following the US government’s decision to impose additional tariffs. This move sent shockwaves through the PV sector, with multiple listed companies witnessing a sharp decline in their stock prices.
Industry insiders and experts have weighed in on the potential ramifications of the new US tariff policy on the PV industry. While some argue that the direct impact of these tariffs is limited, they point out that the current market downturn is largely fueled by systemic panic. Chinese PV products have long been subject to high tariff barriers in the US, and even exports through Southeast Asia face stringent restrictions. As such, the new tariff measures are unlikely to cause any additional shocks. Furthermore, with the US PV market’s annual new installed capacity hovering around 50 GW, there is no concrete evidence to suggest that these tariffs will have a substantial impact on global PV demand.
However, there are concerns that the full extent of the impact remains uncertain. The new tariffs could drive up supply chain costs for PV products in the US market. In the context of a rapidly evolving global trade landscape, these measures cannot be taken lightly. For the PV industry, the potential adjustments to US new energy subsidy policies, when coupled with the new tariffs, could pose a significant challenge. Industry players are already bracing for the possibility of tighter new energy policies under the Trump administration.
A notable wildcard in this scenario is the Southeast Asian market. Analysts note that following the US’s imposition of additional tariffs on PV modules from four Southeast Asian countries, some production capacities have shifted to other regions within Southeast Asia and India. Currently, Southeast Asian exports account for a substantial 70% – 80% of total US imports. Given the high tariff rates, there is still a possibility that these measures could have a ripple effect on the industry.
