French President Emmanuel Macron on Monday thanked Chinese leader Xi Jinping for not imposing "provisional" customs duties on French cognac amid an ongoing probe, and presented him with bottles of the expensive drink."I would also like to thank the president for his openness regarding the provisional measures on French cognac and his wish not to see them applied", Macron told reporters alongside Xi following talks in Paris.
China’s steel production has increased, but a property market downturn and slowdown in infrastructure spending have seen prices plunge steeply, leading to overcapacity and trade tensions.
French cognac makers have hit back at claims by China that they are dumping brandy in the Chinese market, saying the price discounts alleged are unusually small for such a formal investigation. That "raises the question of the real purpose of the process", the Bureau National Interprofessionnel du Cognac (BNIC), which represents French cognac makers, said in a statement to Reuters. Last week China opened an anti-dumping investigation on brandy imported from the European Union, a step that appears to be mainly targeted at France and adds to ongoing trade disputes between Beijing and Brussels.
(Bloomberg) China is launching an anti-dumping investigation into liquor products like brandy from the European Union, in a relatively modest step after the bloc opened a probe last fall into its electric vehicle subsidies.Most Read from BloombergIslamic State Claims Responsibility for Deadly Iran BlastsBusiness Insider Says Ackman’s Wife Plagiarized Doctoral ThesisJust a Billion Doesn’t Cut It on This Exclusive Florida IslandHuawei Teardown Shows 5nm Chip Made in Taiwan, Not ChinaChinese Sto