China could target French wine if Paris pushes for – Money News
BEIJING, Feb 11 (Reuters) – China could launch investigations into French wines or impose “reciprocal tariffs” on EU merchandise if the French authorities pushes for tariffs on Chinese items, a social media account affiliated with Chinese broadcaster CCTV mentioned on Wednesday.
A French authorities strategy report printed on Monday urged the EU to contemplate an unprecedented 30% across-the-board tariff on Chinese items or a 30% depreciation of the euro in opposition to the renminbi to counter a surge of low-cost imports.
The social media account Yuyuan Tantian mentioned the report’s suggestions focused solely Chinese merchandise and violated World Trade Organization guidelines.
“It is tantamount to declaring war on China in trade,” it mentioned.
Shares in cognac-maker Remy Cointreau fell as a lot as 2.2% and spirits group Pernod Ricard dropped 1% after the information, earlier than each decreased their losses.
NO ACTION YET, SAYS FRANCE
“Today, as you can see, the proposal has not been taken up by the government, which does not mean that it is unfounded,” French authorities spokesperson Maud Bregeon informed journalists following Yuyuan Tantian’s feedback.
French commerce and finance ministries didn’t instantly reply to requests to remark.
China final yr spared main cognac producers Pernod Ricard, LVMH and Remy Cointreau from hefty duties on EU brandy following an anti-dumping investigation that lasted more than a yr and was extensively seen as retaliation for EU tariffs on China-made electric autos. France voted in favour of the tariffs.
Beijing has steadily mentioned it’s prepared to have interaction in dialogue with France and the EU to deal with commerce disputes.
“China has always kept its door open for communication, but is also well-prepared to meet all challenges,” Wednesday’s Yuyuan Tantian report added.
(Reporting by Shi Bu, Ethan Wang and Ryan Woo; Additional reporting by Thomas Leigh in Paris; Editing by Barbara Lewis and Mark Potter)
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