NEWS
FRANCE AND CHINA RENEWED TALKS ON BRANDY TARIFFS DURING SHANGHAI FAIR
By Tony Zhu
14-11-2024
Source: Remy Martin
France and China have renewed talks on the punitive tariffs slapped on European brandies during the China International Import Expo recently concluded in Shanghai, according to French lobby groups.
“The recent exchanges between the French and Chinese authorities at the Shanghai Fair have helped to renew the thread of dialogue, an essential prelude to the emergence of a bilateral solution,” the lobby groups said in a statement.
The groups said that China has decided to allow the deposit imposed on Cognac and Armagnac importers since 11 October to be replaced by a less complex bank guarantee.
The groups said this latest development is “a positive initial reaction" and they hoped both sides can continue discussions to seek a bilateral resolution.
Despite strong objection from member states including Germany and Hungary, the EU voted to impose extra tariffs ranging from 7.8 percent for Tesla to 35.3 percent for SAIC and other Chinese EV producers early last month.
In retaliation, China started to levy importers of European brandies security deposits ranging from 30.6 to 39.0 percent of the import value from 11 October.
Companies that had cooperated in China's investigation were hit with relatively lower security deposit rate of 34.8 percent, with the rate imposed on Martell the lowest at 30.6 percent.
France was seen as the target of Beijing's brandy probe due to its support of tariffs on China made EVs. French brandy shipments to China reached USD1.7 billion last year and accounted for 99 percent of China's imports of the spirit.
(the writer can be contacted at: info@thewinechronicle.com)
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