A new executive order further lowers government support for renewable power. Stocks including First Solar and Enphase Energy dropped on Tuesday.

U.S. President Donald Trump on Monday directed federal agencies to strengthen provisions in the One Big Beautiful Bill Act that repeal or modify tax credits for solar and wind energy projects.

Sunrun (RUN) stock drew retail chatter on Wednesday after Jefferies upgraded the stock to ‘Hold’ from ‘Underperform’ after getting a better look at tax incentives for renewable energy. According to TheFly,

Trump has committed to increasing U.S. energy production, particularly fossil fuels. He signed an executive order Monday aimed at phasing out tax credits for wind and solar facilities. CLAIM: Wind turbines are “almost exclusively” made in China, but President Xi Jinping told Trump they have “very, very few.”

After the GOP tax bill delayed the cuts to renewable energy tax credits, a Trump executive order could now stop near-term projects from moving forward.

President Donald Trump signed his sweeping “Big Beautiful Bill into law on July 4 – pushing European renewable energy companies into recalibrating their US strategies. While the bill initially threatened to upend clean energy incentives,

The deal with Republican holdouts to end incentives for wind and solar power paved the way for passage of Trump’s mega-tax-and-spending bill. Trump’s July 4 signature on the bill completed the legislative assault on the Inflation Reduction Act’s subsidies for renewable energy.

The criticism comes days after the administration succeeded in slashing billions in energy tax credits in the Republicans’ One Big Beautiful Bill Act.