Markets

France and Italy Hit Hardest

France and Italy Hit Hardest

Beijing has opened an anti-dumping investigation on imports of European wine to the country as a foreseeable and widely expected consequence to the duties imposed by the EU on Chinese solar panels. The EU has reacted with the same scarcity of compactness that has characterised the entire ordeal. Germany tried at all costs to avoid duties on cheap renewable energy products from the People’s Republic, while France and Italy were in favour, exposing themselves to countermeasures in the wine trade. The French government has called for a meeting over the matter in Brussels and Italian Prime Minister Enrico Letta charged his ministers to tackle the problem together with their EU counterparts. Today, Chinese duties on European bottled wine are 14%. If Beijing decides to increase them, there will be a real risk for Italian exporters “who struggle to keep pace with competitors in a market that has experienced 5,000% growth over the last ten years,” Winemonitor.it stated in a note. France leads European exports to China (612.35 million in 2012), followed by Spain (87.51) and Italy (75.01).