China unveils next steps in EU brandy probe as EV tariffs take effect

illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below:

🗞️ Driving the news: China announced a hearing for its anti-dumping investigation into European brandy imports, coinciding with the start of the European Commission's tariffs on Chinese-made electric vehicles (EVs)

🔭 The context: The hearing, scheduled for July 18, involves major French cognac houses like Martell, Remy Martin, and Hennessy
• This move follows Brussels' imposition of up to 37.6% tariffs on Chinese EVs, which China views as retaliatory
• China has also opened probes into EU pork and potentially dairy imports as countermeasures

🌍 Why it matters for the planet: These escalating trade tensions affect the global EV market, crucial for reducing transportation emissions
• The conflict could disrupt cooperation on environmental goals between major economies

⏭️ What's next: The EU's provisional EV tariffs are under a four-month review period, during which intensive negotiations are expected
• The outcome could shape future EU-China trade relations and impact global supply chains

💬 One quote: "Brussels and Beijing should keep negotiating, but we will take all steps to protect our firms," said a Chinese commerce ministry spokesperson

📈 One stat: Chinese EV maker Geely's shares fell 4.1% on the news of the tariffs

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