China blasts EU with inquiry on wine 'dumping'

China’s commerce ministry announced an anti-dumping inquiry into EU wine exports following the EU move to levy tariffs on Chinese solar panels, The Guardian reported. The announcement came less than 24 hours after tariffs of 11.8% were imposed on Chinese solar panels. The tariffs will reportedly increase to 47.6% within two months should no settlement be reached. China’s eye-for-an-eye response has raised the prospect of soaring wine prices in China, and has also highlighted division within the European bloc, with Germany siding with China and France bristling at the retaliatory action. Last year, China took in 8.6% of EU wine exports, with France exporting 71%, or US$997 million, of the wine sold to China.