04:15 PM EDT, 04/17/2024 (MT Newswires) -- First Solar ( FSLR ) shares rose 2.9% in late Wednesday afternoon trading after Reuters reported, citing two sources familiar with White House plans, that the Biden administration will likely restore tariffs on two-sided solar panels.

There has been no decision made on the timing of the plan, Reuters reported, citing people familiar with the matter.

South Korea's Hanwha Qcells outlined its request to restore tariffs in a formal petition to the US Trade Representative in February as it seeks to shield a pledged $2.5 billion expansion of its US solar manufacturing footprint against competition from cheaper imports, according to the report.

"We are in receipt of the petition and the petition is under consideration," the Office of the US Trade Representative said in an email to MT Newswires.

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