Beijing: As per reports, Chinese consumers may soon face higher prices for European brandies like Rémy Martin, following the Chinese government's announcement on Tuesday of provisional tariffs ranging from 30.6 percent to 39 percent on these imports. The move comes just days after a majority of European Union countries approved duties on electric vehicles (EVs) produced in China, escalating trade tensions between the two regions.
The new tariffs, which go into effect on Friday, require importers to pay a deposit with Chinese customs equal to the tariff amount. These provisional measures follow an investigation by China's Commerce Ministry, which in August found that European brandies were being sold in China at unfairly low prices, causing significant harm to domestic producers.
Additionally, the decision is seen as part of a broader trade dispute, as the EU prepares to impose tariffs of up to 35.3 percent on Chinese EVs at the end of this month. Analysts suggest that China's move could be a bargaining tactic in ongoing negotiations with the EU to reduce or eliminate the impending EV tariffs.
In recent months, China has launched multiple anti-dumping investigations into European products, including brandy, pork, and dairy, as tensions have risen over the EU's year-long investigation into Chinese EV exports.
FIRST Business Portal addressing the potential of business capability of North East Region.
