China to Penalize European Brandy Imports, Striking Back at Car Tariffs

Published On Oct 8, 2024, 8:03 AM

China has announced temporary penalties on European brandy imports amid escalating trade tensions with the European Union, which recently approved tariffs on Chinese electric vehicles. The penalties require brandy importers to deposit up to 39% of the wholesale value of their shipments, which could become permanent tariffs if enforced. This decision affected the stock prices of European brandy producers, including LVMH, which saw a nearly 4% decline. Further potential tariffs on European pork, dairy products, and gasoline-powered cars are also being considered, increasing concerns for major exporters in Europe.