China Investigates EU Cars, Slaps Levy on Brandy as Ties Worsen [Yahoo! Finance Canada]
REMY COINTREAU UNSP/ADR (REMYY)
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Source: Yahoo! Finance Canada
duties on brandy from Europe, escalating a trade spat after the European Union decided to impose tariffs on Chinese electric vehicles. “China is studying measures including raising the tariffs on imported gasoline cars with a large engine capacity,” the Ministry of Commerce said in a statement on Tuesday, adding it will safeguard the rights of its companies. In a separate statement, the ministry said importers of brandy from the EU will have to pay a deposit of as much as 39% of the value of the brandy effective Oct. 11. The action against European car and brandy exporters comes after the EU decided last week to impose tariffs of as high as 45% on imports of Chinese electric vehicles for five years. Talks between the two parties are continuing, and the Chinese announcements may represent an attempt by Beijing to put pressure on Brussels to find an alternative to the tariffs. Shares of European carmakers and brandy companies tumbled. BMW AG shares fell 3%, while Mercedes-Benz Gro
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