Latest news with #FrenchCognac
Yahoo
13-03-2025
- Business
- Yahoo
European Drink Makers Fall as Trump Returns to a Favorite Target
(Bloomberg) -- President Donald Trump is turning to a favorite target — European producers of alcoholic drinks — in the latest escalation of a global trade war. Trump DEI Purge Hits Affordable Housing Groups NYC Congestion Pricing Toll Gains Support Among City Residents Electric Construction Equipment Promises a Quiet Revolution Open Philanthropy Launches $120 Million Fund To Support YIMBY Reforms Prospect Medical's Pennsylvania Hospitals at Risk of Closure Shares of Pernod Ricard SA, Remy Cointreau SA and LVMH, the maker of Dom Perignon Champagne and Hennessy Cognac, fell Thursday after Trump threatened to impose a 200% tariff on European wine and other alcoholic drinks. Trump threatened to apply the tariffs in a social media post after the EU said it would impose duties on $28 billion of US goods, including American whiskey, beginning next month. The new levy would apply to all wine, Champagne and other alcohol from the EU, he said. Pernod fell as much as 3.8% on Thursday in Paris. It's down by more than a third over the past 12 months. Remy, which has lost about half of its value over that period, was down as much as 4.5%. Trump had already targeted European wine and spirits during his first term in office, imposing a 25% tariff on a range of drinks and food products. Separately, French Cognac producers are caught up in a trade dispute between the European Union and China. After the EU's decision to move forward with duties on Chinese-made electric vehicles, Beijing responded by targeting EU brandy, including French Cognac. That followed an investigation into allegations that producers were dumping the spirit in the Chinese market. Since then, French shipments to China have tumbled, and producers such as Pernod have lowered their financial guidance. A trade group, spiritsEurope, had already signaled concern about escalating trade wars after the European Union announced tariffs on US whiskey and other alcoholic drinks, urging the EU to keep spirits out of unrelated disputes. --With assistance from Kit Rees. How America Got Hooked on H Mart How Natural Gas Became America's Most Important Export How Trump's 'No Tax on Tips' Could Backfire for the Working Class Germany Is Suffering an Identity Crisis 80 Years in the Making Disney's Parks Chief Sees Fortnite as Key to Its Future ©2025 Bloomberg L.P.
Bloomberg
05-02-2025
- Business
- Bloomberg
French Cognac Shipments to China Slump After Tariffs Imposed
French Cognac shipments to China slid by 75% in December, according to a person familiar with the figures, after tariffs imposed by Beijing accelerated a collapse in demand. The Chinese tariffs, which took effect on Oct. 11, followed the European Union 's decision to move forward with added duties on Chinese-made electric vehicles. The new levies have made a visible impact on French Cognac exports, dragging down shipments to China by 9.6% for the full year, a representative for the Cognac lobby BNIC said Tuesday by email.
