Latest news with #PernodRicard-owned
RTHK
20 hours ago
- Business
- RTHK
China imposes anti-dumping duty on EU brandy
China imposes anti-dumping duty on EU brandy The Commerce Ministry says its probe found the dumping of EU brandy threatens the domestic market. File photo: Reuters China said it will impose anti-dumping taxes of up to 34.9 percent on brandy imported from the European Union starting from Saturday, adding to tensions between the major trading partners. Beijing launched an investigation last year into EU brandy, months after the bloc undertook a probe into Chinese electric vehicle subsidies. It said later it had determined in a preliminary ruling that dumping had occurred and imposed temporary anti-dumping measures on imports. The 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 July 5, 2025". "The investigating authority finally ruled that there was dumping of relevant brandy imported from the EU," it said in a statement. "The domestic relevant brandy industry was threatened with substantial damages, and there was a causal relationship between the dumping and that threat." The levies will apply to brandy in containers of less than 200 litres, according to the ministry. It said the tax rate on French liquor giant Jas Hennessy would be 34.9 percent. Remy Martin will be hit with a levy of 34.3 percent, while Martell will be charged 27.7 percent. Some companies that had made minimum price commitments, including Pernod Ricard-owned Martell & Co and Remy Cointreu's Remy Martin, will be spared the higher tariff rate unless those commitments were breached. Monthly cognac exports to China, the world's most valuable market for the spirit, have fallen by as much as 70 percent due to the trade dispute, according to data from the Bureau National Interprofessionnel du Cognac (BNIC), an industry body based in France. (AFP/Reuters)
Nikkei Asia
20 hours ago
- Business
- Nikkei Asia
China to impose duties of up to 34.9% on EU brandy
A glass of 20-year-old cognac is pictured in Segonzac, France, in October 2024. © Reuters SHANGHAI (Reuters) -- China's Commerce Ministry issued its final ruling on brandy originating in the European Union on Friday, implementing duties of up to 34.9% for a period of five years starting from July 5, 2025, the ministry said in statement. Some companies that had made minimum price commitments, including Pernod Ricard-owned Martell & Co and Remy Cointreu's Remy Martin, will be spared the higher tariff rate, according to the announcement, unless those commitments were breached.
Straits Times
20 hours ago
- Business
- Straits Times
China to impose duties of up to 34.9% on EU brandy, starting July 5
Sign up now: Get ST's newsletters delivered to your inbox Some companies that had made minimum price commitments will be spared the higher tariff rate. SHANGHAI - China's Commerce Ministry issued its final ruling on brandy originating in the European Union on July 4, implementing duties of up to 34.9 per cent for a period of five years starting from July 5, the ministry said in a statement. Some companies that had made minimum price commitments, including Pernod Ricard-owned Martell & Co and Remy Cointreu's Remy Martin, will be spared the higher tariff rate, according to the announcement, unless those commitments were breached. The ruling follows an investigation into European brandy, most of it cognac from France, first launched in 2024. French cognac makers have complained they are collateral damage in a broader trade row between Brussels and Beijing over import tariffs imposed on China-made electric vehicles. China implemented the duties on cognac following an earlier investigation in 2024 into brandy imports, after the European Union accused Beijing of giving its auto industry unfair subsidies and imposed duties on imports of Chinese-made EVs. Monthly cognac exports to China, the world's most valuable market for the spirit, have fallen by as much as 70 per cent due to the trade dispute, according to data from the Bureau National Interprofessionnel du Cognac, an industry body. Last week, Reuters reported that French cognac makers had reached a tentative deal on minimum import prices for the Chinese market, but that China would only finalise the deal if progress was made regarding EU tariffs on Chinese-made EVs. Top stories Swipe. Select. Stay informed. World Trump says countries to start paying tariffs on Aug 1, floats range of 10% to 70% Singapore Sengkang murder: Man accused of killing elderly mother escorted back to crime scene Singapore Tourism bump from Lady Gaga concerts raked in up to estimated $150m for Singapore economy Singapore Jail for man who recruited 2 Japanese women for prostitution at MBS Asia Malaysia dismantles ISIS network involving workers from Bangladesh Asia Manila's mayor returns to office to face mountains of rubbish Asia Chinese national missing in Thailand rescued, embassy warns of shady job offers Business Central banks tweak US dollar reserves, with euro and gold gaining ground: UBS survey The news will likely be welcomed by brandy distillers that have also seen sales slow in the United States, the world's biggest cognac market by volume, as a result of inflation and economic uncertainty. REUTERS
