The European Commission yesterday offered Beijing a temporary reprieve from swingeing sanctions against imports of Chinese solar panels in an attempt to avoid a trade war.
Karel De Gucht, the EU trade chief, lowered the 47 per cent punitive tariffs Brussels recommended last month to just 11.8 per cent. But the lower rate will last for only two months, until August 6, and reverts to 47.8 per cent if China does not respond to EU allegations that it is selling the solar panels in Europe for below cost, a tactic known as “dumping”.
“It is a one-time offer to the Chinese side, providing a very clear incentive to negotiate,” Mr De Gucht said. “It provides a very clear window of opportunity. The ball is now in China’s court.”
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