With the Trump administration preparing to impose new tariffs on U.S. solar imports from four Southeast Asian nations, Goldman analysts see Arizona-based First Solar as the top beneficiary, calling it “the leading U.S. panel manufacturer best positioned to gain from escalating trade protections.”

The U.S. Commerce Department announced the new tariffs on Monday, stemming from a year-long trade investigation. The investigation found that solar manufacturers in Cambodia, Vietnam, Malaysia, and Thailand benefited from government subsidies that dumped low-cost panels into the U.S. market, undercutting domestic producers and harming the American solar manufacturing industry. 

Cheap solar panels from Cambodia could face tariffs as high as 3,521%, mainly due to non-cooperation by solar manufacturers targeted in the U.S. investigation, which began under the Biden-Harris administration. Chinese manufacturer Jinko Solar’s panels produced in Malaysia are set to be hit with a 41% tariff, while Trina Solar’s products from Thailand face duties of 375%.

“This is a decisive victory for American manufacturing,” said Tim Brightbill, partner at Wiley Rein and lead counsel for the coalition of solar companies that pursued the case, which Bloomberg quoted. 

Brightbill said the findings in the new report confirm “what we’ve long known: that Chinese-headquartered solar companies have been cheating the system, undercutting US companies and costing American workers their livelihoods.” 

Goldman analysts Brian Lee, Nick Cash, and Tyler Bisset told clients that First Solar (FSLR) is the big “winner” here…

“Within our coverage of solar panel manufacturers, we continue to view FSLR as the main beneficiary from any incremental tariffs. As the leading solar manufacturer within the U.S., the company could be well positioned to raise ASPs,” the analysts said. 

FSLR shares are up 7% in premarket trading. As of Monday’s close, shares were -31% on the year and down more than 58% since peaking around $300 a share last June. 

Among other movers in the space: Sunnova Energy +5.6%, SolarEdge Technologies +3%, Array Technologies +1.7%, and Enphase Energy +1.2%.