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Chinese President Xi Jinping." [Image Source: Yonhap News] |
[Alpha Biz= Reporter Kim Sangjin] In response to the European Union (EU) imposing tariffs of up to 45.3% on Chinese electric vehicles through a member state vote, China has decided to implement anti-dumping measures on EU-brandies as a retaliatory action.
On the 8th, the Chinese Ministry of Commerce announced on its website that it would enforce temporary anti-dumping measures on imported EU brandy starting from the 11th.
As a result, starting on the 11th, importers of EU brandy will have to pay a deposit to Chinese customs based on the percentage determined in the preliminary ruling. This measure is akin to a tariff and will increase import costs.
This action appears to be a response to the EU's recent confirmation of a tariff rate of up to 45.3% on Chinese electric vehicles.
In its announcement, the Chinese Ministry of Commerce stated, "Dumping of imported EU brandy has been confirmed, and there is significant concern that the domestic brandy industry may suffer considerable harm. There is a causal relationship between the dumping and the threat of substantial damage," according to the preliminary ruling. The Ministry had launched an anti-dumping investigation into EU brandy back in January.
AlphaBIZ Kim SangJin(letyou@alphabiz.co.kr)
