China and Europe risk trade war
We are already having currency war, now officialy adding trade war (that is going on for a long time), what is next?
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What do the wine producers of Burgundy, Champagne and Bordeaux have in common with Chinese telecom companies and solar panel manufacturers?
All three industries are at the sharp end of a growing trade dispute between the European Union and China that could result in new or increased tariffs being levied on their goods.
Chinese solar panel makers have the most to fear.
The European Commission said Tuesday that it will impose provisional tariffs on solar panels imported from China, a consequence of the alleged dumping of the products onto European market at prices below cost.
Less than 24 hours later, China announced an investigation of its own into wine imports from Europe. EU wine exports to China were worth about 763 million euros in 2012. French wine made up about 70%, with Spanish and Italian accounting for most of the rest.
The wine and solar panel dust-up isn't the only point of contention. The EU said in May that it had enough evidence to begin an investigation into Chinese telecoms network suppliers.
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