The trading dispute between China and the European Union has been defused, and the parties have lifted sanctions against import of certain types of goods. The customs officers of the People's Republic of China have stopped thoroughly checking the consignments of the European wine. The corresponding officials of the EU have approved the Chinese solar panels entry. It is worth mentioning that the conflict arose amid large-scale dumping of equipment that was supposed to be supplied to Europe by China's manufacturers despite the fact that these products have already occupied about 80% of the market. For fear of losing the sales market, EU Trade Commissioner Karel De Gucht introduced the temporal additional tariffs that increased the export value by 47% and made the purveying unprofitable. China, as the major consumer of European wine, in response to the EU measures carried out a series of inspections that undermined the European producers' businesses. So finally, two of the world's largest economies arrived at a consensus, according to which, the additional tariffs will be abolished in case the Chinese companies do not reduce prices less than 56 cents per watt. Although Brussels reckoned on setting a minimum price of 80 cents per watt, it was obvious that China would not backtrack on such value. Not to start a full-scale trading war, the governments have stricken a bargain that satisfied both parties. China, in its turn, suspends the wine checks.
