Aluminum price soars as China cancels tax incentive on exports
Futures in London jumped as much as 8.5%.
A trade dispute around solar panels that was threatening to end in sanctions against China by the EU has been resolved.
China was accused of dumping solar panels into Europe. Steep fines were about to go up on Aug. 6 if the two parties didn’t find a resolution. Reuters reports that Germany pushed for a deal.
[Wary] of offending China’s leaders and losing business in the world’s No. 2 economy, a majority of EU governments – led by Germany – opposed the plan, which led to the compromise deal.
“We found an amicable solution,” EU Trade Commissioner Karel De Gucht said.“I am satisfied with the offer of a price undertaking submitted by China’s solar panel exporters,” he said.
