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Yahoo
22 minutes ago
- Yahoo
China to require EU brandy exporters to raise prices or face tariffs
China will require major European brandy exporters to raise prices or risk anti-dumping taxes of up to 34.9 percent from Saturday, the latest salvo in its long-running trade spat with the bloc. Almost all EU brandy is cognac produced in France, exports of which to China are worth 1.4 billion euros ($1.6 billion) per year. Beijing launched an investigation last year into EU brandy, months after the bloc undertook a probe into Chinese electric vehicle (EV) subsidies. It said it had determined in a preliminary ruling that dumping had occurred and imposed "temporary anti-dumping measures" on imports of the alcoholic beverage -- moves now costing the industry 50 million euros per month. Beijing's commerce ministry said on Friday that China's tariff commission had "decided to impose anti-dumping duties on imports of relevant brandy originating in the EU" from Saturday. But Beijing said in an explanatory note that several major French cognac producers had signed onto a price commitment to avoid the tariffs -- as long as they sell at or above an agreed minimum price. French liquor giant Jas Hennessy would be hit with levies of 34.9 percent if it reneges on the deal, it said. Remy Martin will be hit with 34.3 percent and Martell 27.7 percent. "The decision to accept the price commitment once again demonstrates China's sincerity in resolving trade frictions through dialogue and consultation," a commerce ministry spokesperson said in a statement. China has sought to improve relations with the European Union as a counterweight to superpower rival the United States. But deep frictions remain over economics -- including a yawning trade deficit of $357.1 billion between China and the EU, as well as Beijing's close ties with Russia despite Moscow's war in Ukraine. The new levy threats come as Chinese top diplomat Wang Yi has held fraught meetings with his counterparts during a tour of Europe this week. They will likely be high on the agenda when he meets French President Emmanuel Macron and Foreign Minister Jean-Noel Barrot on Friday afternoon in Paris. - Bitter taste - A trade row between Beijing and the bloc erupted last summer when the EU moved towards imposing hefty tariffs on electric vehicles imported from China, arguing that Beijing's subsidies were unfairly undercutting European competitors. Beijing denied that claim and announced what were widely seen as retaliatory probes into imported European pork, brandy and dairy products. The bloc imposed extra import taxes of up to 35 percent on Chinese EV imports in October. Beijing later lodged a complaint with the World Trade Organization, which said in April that it would set up an expert panel to assess the EU's decision. China and the EU are scheduled to hold a summit this month to mark the 50th anniversary of the establishment of diplomatic ties. Bloomberg News reported on Friday, citing unnamed sources, that Beijing intends to cancel the second day of the summit. mjw-oho/dhw


Bloomberg
24 minutes ago
- Bloomberg
France's Industry Minister Says 10% Tariffs Not Good Deal for EU
French Industry Minister Marc Ferracci said agreeing to 10% tariffs on European exports to the US would be a bad deal, signaling disapproval of a potential compromise with Washington. The European Union has until July 9 to clinch a trade arrangement with Donald Trump before tariffs on nearly all exports to the US jump to 50%. Some members of the bloc are willing to accept a deal that includes keeping a 10% universal tariff on many of the bloc's exports, but with lower rates in certain sectors, Bloomberg reported earlier.
Yahoo
29 minutes ago
- Yahoo
Palestine Action ban would be ‘authoritarian abuse' of power, High Court told
Banning Palestine Action as a terror group would be 'ill-considered' and an 'authoritarian abuse' of power, the High Court has been told. Huda Ammori, the co-founder of Palestine Action, is asking the High Court to temporarily block the Government from banning the group as a terrorist organisation before a potential legal challenge against the decision to proscribe it under the Terrorism Act 2000. The move is set to come into force at midnight after being approved by both the House of Commons and the House of Lords earlier this week, and would make membership and support for the direct action group a criminal offence punishable by up to 14 years in prison. It comes after an estimated £7 million worth of damage was caused to two Voyager planes at RAF Brize Norton on June 20, in an action claimed by Palestine Action. The Home Office is opposing bids to delay the ban from becoming law, and the potential launch of a legal challenge against the decision. At a hearing on Friday, Raza Husain KC, for Ms Ammori, said that his client had been 'inspired' by a long history of direct action in the UK, 'from the suffragettes, to anti-apartheid activists, to Iraq war activists'. Quoting Ms Ammori, the barrister continued that the group had 'never encouraged harm to any person at all' and that its goal 'is to put ourselves in the way of the military machine'. He continued: 'We ask you, in the first instance, to suspend until July 21 what we say is an ill-considered, discriminatory and authoritarian abuse of statutory power which is alien to the basic tradition of the common law and is contrary to the Human Rights Act.' Mr Justice Chamberlain said that if he decided to temporarily block the ban, he could do that with either an 'interim declaration' or by making an injunction 'requiring the Secretary of State to make an order'. A further hearing to decide whether Ms Ammori will be given the green light to challenge the decision to ban Palestine Action is expected to be heard later this month. The Home Secretary, Yvette Cooper, announced plans to proscribe Palestine Action on June 23, stating that the vandalism of the two planes was 'disgraceful' and that the group had a 'long history of unacceptable criminal damage'. Police said that the incident caused around £7 million worth of damage, with four people charged in connection with the incident. Amy Gardiner-Gibson, 29, Jony Cink, 24, Daniel Jeronymides-Norie, 36, and Lewis Chiaramello, 22, are accused of conspiracy to enter a prohibited place knowingly for a purpose prejudicial to the safety or interests of the United Kingdom, and conspiracy to commit criminal damage. They were remanded into custody after appearing at Westminster Magistrates' Court and will appear at the Old Bailey on July 18. The hearing before Mr Justice Chamberlain will conclude later on Friday, with the High Court judge expected to give his decision at the end of the hearing.