EU Levies 43.1% Trade Duty on Three Chinese Solar Makers
Canadian Solar, ReneSolar, and ET Solar are among the companies that will be subject to anti-dumping tariffs in the European Union, as the EU lays plans to impose a tariff on all Chinese panel manufacturers by the end of the year.
The Chinese companies had agreed in 2013 to voluntarily raise their prices to match those of their western counterparts. But “that deal began to unravel earlier this year, when some European panel makers complained that the Chinese manufacturers were using tricks to avoid their earlier promise,” AltEnergyStocks reports. “Such tricks included secretly rebating money to customers through fake consulting deals, and setting up fake factories in other countries to make their panels appear like they weren’t being exported from China.”
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In a statement, Canadian Solar said it believed it had complied with the 2013 deal. The EU differed, imposing a 43.1% anti-dumping duty on all three companies, along with anti-subsidy duties ranging from 4.6 to 6.4%.
“Canadian Solar’s and ReneSola’s New York-listed shares both actually rose by 5.2% and 7.7%, respectively, after the announcement,” Young writes. “But each is still down about 15% since mid-May amid growing concerns about the EU spat.”