China's surprising move could change the brandy game forever

Chinese consumers may face higher prices for European brandies due to new provisional tariffs imposed by the government, ranging from 30.6% to 39%, effective Friday. This development follows the European Union's approval of duties on Chinese electric vehicles. The tariffs aim to strengthen China's position in trade negotiations with the EU concerning the upcoming EV duties. Authorities based the tariffs on a preliminary investigation that revealed European brandy was sold at unfair prices in China, affecting local producers. The investigation mainly targets French cognac and similar spirits as part of a broader anti-dumping review of various European products amidst an ongoing EU inquiry into Chinese EV exports. France supports the EU's stance on Chinese EVs, while Germany raises concerns about impacts on its automakers in China. Additionally, China may increase tariffs on imported cars with larger engines. Tariffs vary by brand; for example, Martell faces a 30.6% tariff, Remy Martin a 38.1% tariff, and Hennessey a 39% tariff, affecting multiple brands including those from Spain. Notably, during a state visit in May, French President Emmanuel Macron presented two bottles of cognac to Chinese leader Xi Jinping.Learn more on this news visit us at: https://greyjournal.net/ Hosted on Acast. See acast.com/privacy for more information.