EU to Impose Duties on Chinese Solar Panels
It’s probably going to earn the scorn of Beijing. EU’s trade chief will reportedly recommend punitive import duties on Chinese-made solar panels. Reuters reported today (May 3) that EU’s Trade Commissioner Karel De Gucht is set to make that announcement next Wednesday in Brussels. This will affect billions of euros on imports, and is geared at protecting European producers.But it’s a delicate balancing act. The European Union is struggling to haul itself out of the recession and this move against cheap imports may help. But China is also the EU’s second largest trading partner.http://uk.reuters.com/article/2013/05/03/uk-eu-china-solar-idUKBRE9420B920130503China surprised everyone by not only becoming a major player in green technology, but expanding production so much that between 2009 and 2011, the country made more than the entire global demand for solar panels. But this over supply has flooded the market, dragging down prices and slashing profit margins. The United States imposed similar levies against Chinese-made solar panels last year, also citing a massive oversupply created by China’s entry into the market.The EU Trade Commission’s upcoming decision follows an investigation launched last September, when a group of European solar panel makers lodged a complaint that Chinese producers had an unfair advantage, because of subsidies provided by the Chinese Regime.Subscribe to NTDonChina http://www.youtube.com/subscription_c…For more news and videos visit http://ntd.tvFollow us on Twitter http://twitter.com/NTDTelevisionAdd us on Facebook http://on.fb.me/s5KV2C
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