China hits European Union with new anti-dumping tax on mostly French brandy imports – upi.com
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The Chinese government is reportedly considering additional tariffs on other EU imports including cars, pork and dairy products.
Currently, China is seeing a downturn on cognac and brandy imports into the Chinese market. Import volumes for August were down 40% on a year-on-year basis, according to the UBS spirit tracker. File Photo by Stephen Shaver/UPI | License Photo
Oct. 8 (UPI) — The Chinese government on Tuesday announced it will be placing an anti-dumping tax on Brandy produced in the European Union that is imported into China. China’s Ministry of Commerce said officials on Friday will begin collecting security deposits from companies that sell European-made Brandy. The security deposits would equal more than 30% of the products’ total value.
The announcement came days after the EU decided on Friday to move ahead with tariffs on China-made electric vehicles of up to 45%. The extra tariff could be as high as 35% and would come on top of the existing 10% rate.
“The relevant brandy industry within China has been substantially damaged or threatened,” China’s Commerce Ministry said Tuesday.
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