Home Industry Food and Beverages Next steps in the EU brandy in...
Food and Beverages
Business Fortune
05 July, 2024
Tension increased on Friday as China revealed the next phase of its anti-dumping probe into European brandy imports, coinciding with the imposition by the European Commission of temporary duties on Chinese-made electric car parts.
At a news conference on Thursday, a spokesman for the commerce ministry emphasized that Beijing and Brussels ought to remain at the negotiating table before the bloc confirms tariffs of up to 37.6% on electric vehicles (EVs) manufactured in China. However, the possibility of retaliation was maintained by mentioning an additional investigation into EU pork imports.
The ministry of commerce announced on Friday that it will convene a hearing on July 18 to talk about looking into allegations that European brandy makers are selling their products at less than market value in China.
According to a statement from the ministry, brandy houses Martell, Societe Jas Hennessy & Co., Remy Martin, and other stakeholders requested the hearing.
China has expressed a willingness to engage and has asked the EU to remove the EV tariffs on multiple occasions. With the U.S. tariffs on its exports still hurting, it has stated that it does not want to get involved in another trade war but will do everything in its power to safeguard its companies.
The temporary nature of the EV tariffs is set for a four-month period, during which time the two sides are expected to hold intensive negotiations while Beijing threatens extensive retaliation.