The US administration imposed preliminary duties of 126% on solar imports from India. The US Commerce Department stated that the rates were based on alleged foreign subsidies that enabled exporters to undercut domestic producers. Duties were also set at 86% to 143% for Indonesia and 81% for Laos. These duties are separate from earlier reciprocal tariffs imposed by the Trump administration, which were struck down by the US Supreme Court last week. A 10% universal tariff was later declared and increased to 15%, with the 10% tariff taking effect from last night local time. US solar imports from India were valued at $792.6 million in 2024, more than nine times the level recorded in 2022. Following the announcement, shares of Waaree Energies Ltd. fell 10% to INR 2,721, Premier Energies Ltd. hit the 10% lower circuit at INR 699.35, and Vikram Solar Limited declined 5.72 % intraday to INR 174.79.