Beijing is trying to ease trade tensions after the EU imposed tariffs on Chinese electric vehicles.
He Chinese Ministry of Commerce announced on Thursday that will not impose provisional tariffs to imports of European brandy.
However, the statement accuses the EU of unfairly flooding the Chinese market with alcohol products, meaning future tariffs cannot be ruled out.
Considerable damage
According to the Chinese Ministry of Commerce, imported brandy from the EU is dumped and national brandy industry you risk considerable damage.
Beijing launched an investigation in January this year, after the EU launched an earlier investigation into the electric vehicles from China.
According to the European Commission, Chinese EV manufacturers can keep their costs artificially low because receive state subsidieswhich harms EU competitors.
Import duties in the EU
Earlier this month, the Commission announced its intention to apply import duties of up to 36% to the chinese electric cars to eliminate unfair business practices. However, this percentage is lower than initially proposed.
Shares of European alcoholic beverage manufacturers They appreciated on Thursday after China’s announcement. The actions of Rémy Cointreau rose 6.4% in daily operations, those of Pernod Ricard 4.3% and those of the Italian company Campari and 1.58%.
The spokesperson of the European Commission, Olof Gillresponded to China’s decision in a press conference on Thursday. “We take note of this announcement from the Government of China and the Commission is following this investigation very closely.”
“We are fully committed to support our EU industry as appropriate throughout the investigation and we remain fully confident that our exports of cognac or brandy to China fully comply with all applicable WTO rules.
“I also remind you that, according to the Commission’s detailed assessment, the basis for Chinese research is questionableGill added: “We will not hesitate to take all necessary measures to defend our EU exporters.”
