China penalizes European brandy in tit-for-tat response
CNN
China imposed temporary anti-dumping measures on brandy imports from the European Union on Tuesday, hitting brands from Hennessy to Remy Martin, after the 27-state bloc voted for tariffs on Chinese-made electric vehicles (EVs).
China imposed temporary anti-dumping measures on brandy imports from the European Union on Tuesday, hitting brands from Hennessy to Remy Martin, after the 27-state bloc voted for tariffs on Chinese-made electric vehicles (EVs). An investigation has preliminarily determined that dumping of brandy from the EU is threatening China’s own brandy sector with “substantial damage,” the Chinese Commerce Ministry said. Hinting at more to come potentially, the Chinese ministry said its anti-dumping and anti-subsidy investigation into EU pork products was ongoing and would make “objective and fair” decisions at the end of the probe. The ministry added that it was considering a hike in tariffs on imports of large-engine vehicles. Higher levies would hit Germany’s producers the hardest, with German exports of vehicles with engines of 2.5 liters or larger to China reaching $1.2 billion last year. As of October 11, importers of brandy originating in the EU will have to put down security deposits mostly ranging from 34.8% to 39.0% of the import value, the ministry said. France was seen as the target of Beijing’s brandy probe due to its support of tariffs on China-made EVs. It also accounted for 99% of China’s brandy imports last year, with French brandy shipments reaching $1.7 billion.
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