French cognac exports to China slump as tariffs bite
Brussels angered the Chinese government last year by imposing tariffs of up to 35.3 percent on Chinese electric vehicles over unfair competition claims.
In response, Beijing set what it called 'temporary' tariffs on brandy last October, hitting France's cognac makers in particular, who rely on exports for 98 percent of their sales.
'The Chinese taxes imposed since October 11 have already had a very significant impact on our exports to China', trade body the Bureau National Interprofessionnel du Cognac said.
It said the number of bottles sold to China fell by 9.6 percent last year, representing a loss of 23.8 percent in value.
Overall cognac exports fell 10.6 percent by value to around €3billion, 'in a global geopolitical and economic context affecting the entire liquor sector'.
Exports to the North American market fell 1.5 percent by value, as European nations brace for the threat of new tariffs by US President Donald Trump, who over the weekend confirmed tariffs against Chinese, Canadian and Mexican imports – though he later delayed them for Canada and Mexico.
During his first term in office, Trump in 2019 imposed 25 percent tariffs on a range of European food products, including French wine.
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