FSLR · 10-Q · 2026Q3 · Full report

Trade Policy and Tariffs

FIRST SOLAR, INC. · 2026-10-29 · Importance 47 · Surprise 60 · In source text

The U.S. Supreme Court ruled IEEPA tariffs unlawful in February 2026, and First Solar received payment for substantially all remaining tariff refund claims, subject to possible offsets for amounts passed through to customers. A 10% Section 122 tariff ended on July 24, 2026; USTR then imposed Section 301 tariffs of 10% on Malaysia, India, and the EU and 12.5% on China and Vietnam, while additional investigations could lead to further duties. Effective December 4, 2026, a U.S. proclamation sets minimum import prices for polysilicon, ingots and wafers, cells, and modules, and adds a 15% duty on polysilicon derivatives, with reduced rates for certain countries; the company expects this to favor its future module sales. U.S. AD/CVD orders include 2025 final subsidy rates of 534.67%–3,403.96% for Cambodia, 14.64%–168.8% for Malaysia, 263.74%–799.55% for Thailand, and 68.15%–542.64% for Vietnam; September 2026 determinations also set duties on imports from India, Indonesia, and Laos.

Key facts

• Effective December 4, 2026, the U.S. proclamation establishes minimum import prices of $21/kg for polysilicon, $100/kg for polysilicon ingots and wafers, $0.22/W for solar cells, and $0.38/W for solar modules, and adds a 15% duty on polysilicon-derivative imports, subject to reduced rates for certain countries. source
• First Solar expects the August 2026 U.S. proclamation establishing minimum import prices and an additional duty on polysilicon derivatives, effective December 4, 2026, to favorably affect future module sales volume, pricing, and contractual terms. source
• First Solar had requested refunds for applicable IEEPA tariffs following the February 2026 Supreme Court ruling and received payment for substantially all remaining claims; refunds may be offset by estimated customer amounts related to previously passed-through tariff costs. source
• The United States imposed Section 301 tariffs of 10% on Malaysia, India, and the EU and 12.5% on China and Vietnam; additional Section 301 investigations could result in tariffs on China, the EU, India, Malaysia, and Vietnam. source
• First Solar received payment for substantially all remaining claims for refunds of tariffs paid under IEEPA before the U.S. Supreme Court ruled those tariffs unlawful. source

Impact estimates