China has announced the imposition of anti-dumping measures on imported brandy from the European Union, specifically targeting popular brands such as Rémy Martin and Hennessy. The move is seen as a retaliatory action in response to the EU’s decision to increase tariffs on Chinese electric vehicles. The new measures, which require security deposits of up to 39% of the total import value, are expected to come into effect on October 11th. French brands are likely to be the most affected, as China imports 99% of its brandy from France. China has also hinted at potentially imposing tariffs on other EU goods such as pork, dairy, and vehicles. This news has led to a decline in shares of major drinks companies and could result in higher prices for consumers and reduced sales of EU brandy. The ongoing trade disputes between China and the EU reflect broader tensions over unfair competition and protectionism. The escalating trade war between the two economic powerhouses has raised concerns for both European and Chinese industries, with potential implications for various sectors. China’s actions against European brandy imports signal a continuation of tit-for-tat measures that could have far-reaching consequences for global trade relations.
Source
Photo credit www.euronews.com
China Implements Long-Term Strategy with Brandy Levy on European Imports
