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

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By illuminem briefings

· 1 min read

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

Click for more news covering the latest on green tech

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