NEW YORK (TheStreet) -- Shares of Yingli Green Energy Holding Co. (YGE) are lower by -8.14% to $2.71 on Wednesday following the U.S. government's decision to impose up to a 35% tariff on Chinese-made solar panels, the Financial Times reports.
The Commerce Department made the announcement on Tuesday saying that an investigation discovered the photovoltaic solar components coming in from China were being funded in a way that was damaging domestic manufacturers.
China responded to the U.S.'s decision on Wednesday, saying it was "strongly dissatisfied" and called the tax "an abuse of trade remedies," Barrons reports
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Yingli released a statement saying the decision will make solar power in the U.S. more expensive, but also said it is planning on fighting the petition.
Separately, TheStreet Ratings team rates YINGLI GREEN ENERGY HLDGS CO as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate YINGLI GREEN ENERGY HLDGS CO (YGE) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, disappointing return on equity and poor profit margins."