China has announced tariffs on brandy from the European Union, adding to trade tensions that emerged after the EU raised tariffs on China’s electric cars.
Bloomberg reports this.
The point is that, starting October 11, importers will be forced to pay a deposit of up to 39% of the cost of the brandy, according to the Chinese Ministry of Commerce in a statement. This decision particularly affects manufacturers such as Remy Cointreau SA and Pernod Ricard SA.
The move comes after the EU decided last week to impose tariffs of up to 45% on imports of Chinese electric vehicles for five years. However, most of China’s imports of alcoholic beverages come from France, which supported the introduction of tariffs on cars from China. Negotiations between China and the EU are ongoing and if successful, changes to the current situation are possible.
China launched an anti-dumping investigation into European brandy in January, following the launch of a similar process in the EU on electric vehicles. In August, Beijing reported evidence of dumping by European producers, but at that time tariffs had not yet been introduced. The EU, in turn, criticized China’s investigation into brandy and other products.
Trade tensions between the EU and China are increasing. It was learned that on October 4 the European Union decided to impose duties on electric vehicles from China, which only aggravates the conflict. The decision was made after it was revealed that the Chinese industry was receiving unfair subsidies.
It was previously reported that Chinese electric vehicle manufacturers have found ways to circumvent European tariffs by partnering with European companies so that their cars are not considered imported.
Recall that Cursor wrote that China noticed that assassins began hunting Communist Party officials. This is believed to be due to the economic recession and the deterioration of citizens’ lives, causing increasing tension in society.
China’s trade war with the EU
