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A state-affiliated Chinese social media account has hinted that Beijing may initiate an "anti-dumping investigation" against French wines or impose "reciprocal tariffs" on EU products – if France pushes its demand for blanket tariffs. The background is a French strategy report. It recommends that the EU consider a uniform 30 percent tariff as protection against the flood of Chinese cheap goods or prepare for a 30 percent devaluation of the Euro against the Chinese currency Renminbi.
The account "Yuyuan Tantian" criticized that the proposals from the French were directed solely against China and violated WTO rules. "This amounts to a declaration of war in trade," it said. China could respond, among other things, through "anti-dumping investigations" against EU wines or counter-tariffs on EU products.
In the financial markets, cognac producers like Remy Cointreau and Pernod Ricard initially reacted with slight losses in share prices. The French government emphasized that the proposal has not yet been implemented. China had imposed "anti-dumping measures" against spirits from the EU last year but spared large producers. At that time, officials stated they wanted to keep the dialogue open with France and the EU. However, the country is prepared for possible conflicts.
China is an important market for EU wines: in 2024, exports to China amounted to around 700 million US dollars, almost half of which came from France. Currently, there are no official Chinese investigations against EU wine, and the 30 percent tariffs are only being discussed by France and the EU.
(ru / Image: 123rf)
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