NEW YORK (TheStreet) -- Shares of Trina Solar Limited (TSL), a China based company, are higher by 3.41% to $11.83 in mid-afternoon trading on Monday after judges with the World Trade Organization ruled that the U.S. violated global trade rules by imposing taxes on a variety of Chinese steel products and solar panels that the U.S. proclaimed had government subsides, Reuters reports.
The U.S. first imposed tariffs on steel, solar modules, and other materials exported from China in 2012, but the panel of three judges ruled that the duties are inconsistent with rules under the 1964 Marrakesh accord, which said taxes can only be imposed when evidence is shown that state-owned, or partially state-owned businesses passing on the subsides are public bodies, Reuters added.
The WTO ruled that the U.S. did not have enough evidence to levy the taxes.
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Separately, TheStreet Ratings team rates TRINA SOLAR LTD as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate TRINA SOLAR LTD (TSL) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, impressive record of earnings per share growth and compelling growth in net income. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk and poor profit margins."