Biden’s tariffs on Chinese imports are boosting these beaten-down stocks
CNN
US tariffs on a range of imports from steel and aluminum, electric vehicles and solar cells have given a lift to clean energy stocks.
A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. It’s not just meme stocks that saw a resurgence this week. Beaten-down clean energy stocks have rallied this week. The iShares Global Clean Energy exchange-traded fund, which tracks sectors from renewable electricity to semiconductors to solar energy, has gained roughly 3%. Plug Power shares have climbed 33%, Enphase Energy shares have gained 8% and NextEra Energy shares have added 4%. Behind the rally? President Joe Biden is raising tariffs on $18 billion in Chinese imports across sectors including steel and aluminum, electric vehicles, solar cells and medical products. The new rates range from 100% on electric vehicles to 50% on solar components to 25% for the other sectors, reports CNN’s Kayla Tausche. “China can’t be the only country that produces clean technology for the world we need,” a senior Biden administration official said. “We need diversified, not concentrated, production of our most critical goods and technologies. … That’s the kind of dynamic we think will produce resilient supply chains and clean technology.” Clean energy stocks were battered last year by supply chain snarls and sky-high interest rates, which drove up borrowing costs for growing companies trying to load up on capital. Hopes that an influx of US government spending on climate solutions would help revive the sector didn’t pan out, either.
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