In a rare positive development amid escalating trade tensions between Brussels and Beijing, China on Friday excluded major cognac producers — Pernod Ricard, LVMH, and Rémy Cointreau — from steep tariffs on EU brandy.
Starting Saturday, China will impose duties of up to 34.9% for five years on brandy imported from the European Union, the majority of which is French cognac, according to the Chinese Commerce Ministry’s final ruling following a year-long investigation.