EU slaps levies on Chinese solar panel imports

Tuesday, June 4th, 2013 | Finance News

BERLIN (AP) — The European Union says it is imposing anti-dumping levies on imports of Chinese solar panels.

EU Trade Commissioner Karel de Gucht said Tuesday the 27-country bloc will impose a tariff of about 12 percent immediately. It will increase that to 47 percent starting in August.

The tariffs will become permanent in six months if the EU Commission, the bloc's executive arm, and China do not manage to negotiate a settlement by then.

De Gucht says "the ball is now in China's court."

China is the world's largest producer of solar panels and is accused by the EU of selling them below-cost to corner the market. Its exports of solar panels to Europe totaled 21 billion euros in 2011.