President Donald Trump’s decision to impose tariffs on solar panels imported into the U.S. is likely to push developers to fund more projects in emerging markets in Europe and Asia, a Canadian industry executive said.

While Trump’s decision earlier this month was aimed at promoting domestic manufacturing, its unintended consequence probably will be in choking off money for solar farms in the U.S. and steering that money abroad into markets that are more lucrative, said Michael Yurkovich, the president of...