China urges caution - and speed - on assisted-driving technology
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South China Morning Post
22 minutes ago
- South China Morning Post
China-EU trade tensions rise as Beijing levies anti-dumping tariffs on European brandy
Announcement comes as Foreign Minister Wang Yi is in Europe trying to resolve trade disputes, and one analyst says Beijing is 'clearly disappointed by the EU playing hardball' China has decided to levy anti-dumping tariffs on European brandy, mostly produced in France, for the next five years – an announcement made while Foreign Minister Wang Yi is on his European tour seeking to resolve trade disputes and improve ties amid a reshuffle of global trade dynamics introduced by the United States. 'There is dumping of related imported brandy from the EU, the domestic brandy industry faces a material threat of injury, and there is a causal relationship between the dumping and the material injury threat. The determined dumping margins range from 27.7 per cent to 34.9 per cent,' China's Ministry of Commerce said in a statement. The tariffs will take effect from Saturday, and there will be no retroactive imposition of anti-dumping duties on imports of the relevant brandy originating from the EU from October 11 up to and including Friday. 'Beijing has been holding back from actually levying duties in the hope of a softer EU stance on China,' said Xu Tianchen, senior China economist at the Economist Intelligence Unit. 'Now it's clearly disappointed by the EU playing hardball despite the Chinese overture.' China's foreign minister was set to visit Paris on his tour, and the tariff announcement came a day before the July 5 deadline when China's anti-dumping investigation was supposed to conclude. Wang's trip has also been seen as preparation for the China-EU summit later this month. The EU-China relations are not going well before the summit Alicia Garcia-Herrero, Natixis 'The tensions are clear, phase three investigations are open, and there are also ones on pork and dairy,' said Alicia Garcia-Herrero, chief economist at French investment bank Natixis. 'Every time the EU commission says, 'we're done, no high economic dialogue', which is what has happened, China will come with one investigation, let alone export control. They have a lot of leverage. Newsletter Daily, Monday to Friday China at a Glance By submitting, you consent to receiving marketing emails from SCMP. If you don't want these, tick here {{message}} Thanks for signing up for our newsletter! Please check your email to confirm your subscription. Follow us on Facebook to get our latest news. 'I think the [EU] commission needs to first wait for a deal with [US President Donald] Trump. They're not going to risk it. Secondly, beyond Trump, they're done – they feel they are always retaliated against, there is no goodwill. The EU-China relations are not going well before the summit.' China also announced that exporters who had agreed to a minimum export price would be exempt from anti-dumping duties. 'The decision to accept price undertakings in this case once again demonstrates China's sincerity in resolving trade frictions through dialogue and consultation,' a spokesperson for China's Ministry of Commerce said. 'It is hoped that the EU side will move in the same direction, strengthen dialogue and communication, jointly resolve economic and trade differences, and create favourable conditions for consolidating and expanding China-EU economic and trade cooperation.' Chinese bars wary after new tariffs announced on European brandy imports Lynn Song, chief Greater China economist at ING, said: 'The decision was postponed a few times as China and the EU attempted to strengthen trade ties amid a broader environment of trade tension, but another postponement was not granted, possibly given the lack of progress on the trade front. 'However, the tariffs will also feature clauses that will allow for various exemptions, and I do not think it is a move that jeopardises trade relations, and could end up raising the urgency for talks after a lull period.' While expressing dismay at China's announcement of the tariffs, French cognac makers acknowledged that the tax exemptions offered to the companies that committed to a minimum export price could help the industry avoid a worst-case scenario. 'This decision marks the end of the anti-dumping investigation, but not the end of our efforts to ensure that all of our exporters regain unimpeded access to the Chinese market as quickly as possible,' said Florent Morillon, president of the Bureau National Interprofessionnel du Cognac, France's leading representative for the cognac industry. 'In the meantime, the minimum price undertaking regime offers more tolerable conditions for our companies than the final anti-dumping duties announced, even if the market access that it allows remains impaired.' The French foreign and trade ministries did not immediately respond to the Post's request for comment. Smaller producers who did not sign on for the price floor, and those focusing on the lower price markets, will feel most of the impact of this decision, Guilhem Grosperrin, director of the Grosperrin family brand, told the Post. The minimum import price negotiated between China and cognac producers starts at 46 yuan (US$6.42) per litre and goes all the way up to 613 yuan per litre, depending on the quality level, according to Grosperrin. 'We regret the decision to impose definitive anti-dumping duties on EU wine-based and marc-based spirits producers, despite the clear evidence presented to the contrary,' said Herve Dumesny, director general of the SpiritsEurope trade group. 'Beyond its direct impact on our sector, this decision risks fuelling trade tensions at a time when mutual cooperation is more important than ever.'
South China Morning Post
29 minutes ago
- South China Morning Post
HSBC offers Hong Kong SMEs a helping hand amid tariff turmoil
HSBC is launching a new education series to equip Hong Kong's small and medium-sized enterprises (SMEs) with knowledge to help them maintain smooth business operations amid the threat of disruption from US tariffs. Advertisement The city's largest lender said the Account Fitness initiative would help SMEs effectively manage and maintain healthy accounts. 'Many entrepreneurs of SMEs do not yet know how to take good care of the assets in their bank accounts,' said Frank Fang, general manager and head of commercial banking for HSBC Hong Kong and Macau, on Friday. 'Therefore, it is necessary for us to use both online and offline resources to help everyone understand this.' In April, the Hong Kong Monetary Authority (HKMA) said it was working with 18 lenders, including HSBC, Standard Chartered and Bank of China (Hong Kong), to support SMEs that were hit by US tariffs by providing them with flexible loans. Hong Kong had about 360,000 SMEs as of March, according to the Trade and Industry Department. The HSBC initiative includes a digital guidebook for SMEs, which covers seven essential habits for effective business account management, such as account usage, payment management and communication with banking partners. Advertisement HSBC said it would also offer personalised support including consultation and advisory services to help SMEs prevent common pitfalls that could disrupt their bank account usage.
The Standard
29 minutes ago
- The Standard
HK woman hospitalized after suspected botulism at mainland clinic
Jockey Club commits over HK$500 million to support 15th National Games and other contests in Hong Kong and Guangdong
