The European Union Trade Commissioner Karel De Gucht announced earlier this month that the EU will impose a tariff of about 11.8 percent on imports of Chinese solar panels, cells and wafers from early June, which will increase to 47.6 percent in August unless a settlement is reached with China in the next 60 days. The trade row is the world's biggest anti-dumping case by sales volume, according to EU officials.

Leaving aside whether the investigation process has been fair or transparent enough, it is without doubt that no side will be the winner should the EU slap punitive measures on solar panels, cells and wafers made in China.

The decision, another blow to China's efforts to promote one of its important export industries, will cost China over 20 billion euros ($26.55 billion) a year and 400,000 jobs.