TORINO — China is targeting European brandy and France as an immediate response to the definitive duties against electric cars produced in the Dragon Country. Beijing’s first trade retaliation hits spirits: The Ministry of Commerce of the People’s Republic has decided on provisional extra taxes ranging from 30.6% to 39% with the obligation of security deposit at customs starting from Friday.
The novelty
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Beijing is considering other measures, such as on pork, cheese, and the import of large-engined cars to hit Germany and other vehicle-producing countries. The aim is to convince Europe to review the regulation by 30 October, the day of publication. Negotiations are progressing, but Beijing is gearing up to attack the trade of the Old Continent. The stock markets immediately intercepted the problem. They are sluggish and sector stocks are losing ground. In Milan Campariwhich controls Courvoisierleft 1.9%, while in Paris Rémy Cointreau closed down 6.37% and Pernod Ricard it lost 4.18%. And the shares of the French luxury group Lvmhowner of Hennessyfell by 3.67%. Duties also imposed by brand: the products Martell they will pay 30.6% more against +38.1%. Remy Martin and +39% of Hennessey. Courvoisier +34.8%, average value applied to brands not indicated.
Cars, Europe is divided over EU duties on Chinese electric cars
by Diego Longhin 04 October 2024
The target is France. In last Friday’s vote, Germany said “no” to the extra tax, from the +7.8% expected for Tesla and the +35.3% imposed on Saicwhich is in addition to the 10% expected at EU customs on e-cars. Spain abstained. France, like Italy, is for “yes”. «We have carried out a serious investigation regarding the risks of overproduction in some sectors. We have taken appropriate and very proportionate decisions, there is no reason to react with reprisals,” he says the Commissioner for Economy, Paolo Gentiloni. Beijing’s choice especially affects Cognac: French exports amount to around 1.7 billion. It is “pure retaliation”, thunders Paris. Even Italian companies, involved in the relaunch of our local brandy, are worried. The president of Federvini, Micaela Palliniteme “an escalation”.
The extra tax package
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by Diego Longhin 05 October 2024
Chinese automakers suspended their search for factory sites in Europe after that Byd chose Hungary and Chery Spain, but this latest investment is slowing down. No news from Dongfenga giant interested in Italy. In addition to the annoyance about the duties, the Chinese, who mainly produce electric cars, want to understand what happens in Europe with respect to 2035, the date of the transition from thermal to electric. The messages are conflicting. Yesterday the president of the EPP group at the European Parliament, Manfred Webersaid that he “agrees on bringing forward the revision of the regulation to 2025”. The commissioner Valdis Dombrovskis instead he explained that “efforts to electrify must be doubled”. All this while the sector is in severe crisis and, in addition to the unions, the acronyms of the related companies, such as Anfiaare ready to ask the government for measures to extend the expiring redundancy fund.