BRUSSELS: The European Commission agreed on Wednesday to impose punitive import duties on solar panels from China in its boldest move yet to protect against what it sees as Chinese dumping of cheap goods on the European market.
EU Commissioners backed EU Trade Chief Karel De Gucht's proposal to levy the provisional duties by June 6 and make Chinese solar exports less attractive in Europe, two officials said, confirming news first reported by Reuters.
Shares in German manufacturers SolarWorld, Phoenix Solar and Centrotherm rose as much as 6 percent on the decision, while Frankfurt-listed shares in China's Suntech were down more than 4 percent.
The investigation into accusations of dumping is the biggest the Commission has launched, but Brussels is trying to tread a careful path, knowing it needs China, the EU's second largest trading partner, to help the bloc pull out from recession.
That means De Gucht will try to seek a negotiated solution with Beijing before an EU deadline in December and avoid levies that could be imposed for up to five years.
The European Commission declined to comment.
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