Beijing steps up probe into EU brandy imports as trade tensions deepen after tariffs on Chinese EVs
Hong Kong CNN —
Beijinghas intensified its anti-dumping investigation into imports of European brandy.
The Chinese commerce ministry will hold a hearing on July 18 to discuss the probe into claims that European producers are selling brandy in China at artificially low prices, according to a statement from the ministry Friday.
The hearing will focus on the reasons behind lower prices and any damage they’ve caused to the Chinese liquor industry, the ministry said.
The announcement came on the same day as the European Commission’s additional provisional tariffs on imports of Chinese-made electric vehicles came into effect. The tariffs, ranging from 17.4% to 37.6%, are seen as a necessary move by the EU to deter a flood of cheap Chinese cars built with what it deems unfair support from the government.
On Saturday, the China Association of Automobile Manufacturers, a state-backed auto association, said it was “strongly dissatisfied” with the additional EU tariffs on Chinese EVs and considered them “unacceptable.”
Major stakeholders are bracing for retaliatory moves by Beijing.
China’s probe into Europe’s cognac is a tit-for-tat reaction to EU action on Chinese EVs, said Jean-Jacques Guiony, chief financial officer of LVMH (LVMH), at an economic conference on Saturday, according to a Reuters report. LVMH owns major cognac brand Hennessy.
BYD electric vehicles awaiting export at the port in Lianyungang in Jiangsu province, China, on April 25, 2024Related article Europe’s electric car tariffs sting China but won’t halt BYD’s advance
“You can be a regional player with a very particular role in globalisation, as in our case, and regardless find yourself hostage to a number of conflicts that have nothing to do with your
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