China imposes anti-dumping duties on European brandy as trade tensions rise
The tariffs, effective on Saturday, will range from 27.7% to 34.9%, China's Commerce Ministry said. They are to be in place for five years and will not be applied retroactively.
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Yahoo
an hour ago
- Yahoo
China hits Europe's brandy exports with duties but adds exemptions
French drink manufacturers are bracing for losses as China said it would place a heavy trade duty on brandy exports from the European Union, potentially taking a gulp out of their sales in the coming years. A tariff rate on EU brandy could go up to 34.9% for five years from 5 July. The duty was announced after China's Ministry of Commerce concluded an investigation into European brandy imports, determining that the products threatened its national brandy industry. Cognac, which is heavily exported from France, was a product of concern, although major cognac makers like Pernod Ricard and Remy Cointreau will now be exempted. China's investigation ruled that the EU had engaged in spirit 'dumping', a practice where foreign goods are sold significantly below their normal price. The corrective tariff will be charged in addition to a normal customs duty. Belgium-based trade group spiritsEUROPE, representing EU producers of spirit drinks, said in a statement that it 'regrets today's decision by the Chinese Ministry of Commerce to impose final anti-dumping duties averaging 32.2% on EU wine-based spirits, marc-based spirits, and brandies as of 5 July,' adding that 'the measures will still pose a significant barrier to legitimate trade'. The trade group also said that the EU spirits sector provided 'substantial evidence over the last 18 months, clearly demonstrating the absence of any dumping practices on the Chinese market'. 'The decision originates from a spat around unfair competition and protectionism and it is bad news for European drinks companies who enjoy big sales to Asia,' said Dan Coatsworth, investment analyst at AJ Bell. 'That explains why shares in Rémy Cointreau and Pernod Ricard were weak on the news as drinkers in China might think twice about buying their products if the price is now much higher.' The news pulled down French spirits makers' share prices, with Pernod Ricard slumping 1%, Remy Cointreau down 1.75%, and luxury giant LVMH, the parent company of Hennessy and Rémy Martin, losing 2.1% around 11 CEST in Europe. Related China holds off on EU brandy tariffs as subsidy spat drags on China's anti-trust tariffs over brandy come under fire Closer to midday, share price losses moderated after news broke that China spared major cognac producers from the new duties, provided they sell at a minimum price. Trade group spiritsEUROPE welcomed the partial relief, saying that 'to safeguard their operations and maintain a stable presence in the Chinese market, several affected companies have entered into price undertakings (raising export prices) with MOFCOM (China's Ministry of Commerce)', adding that these will replace anti-dumping duties for these companies. The group urged Beijing to expand this option to all European companies affected. SpiritsEUROPE Director General Hervé Dumesny said 'Beyond its direct impact on our sector, this decision risks fuelling trade tensions at a time when mutual cooperation is more important than ever.' The decision on brandy comes after the EU decided to impose tariffs as high as 45% on Chinese-made electric vehicles last year.
Bloomberg
an hour ago
- Bloomberg
China Can Work With France Across Range of Industries, Wang Says
China is ready to cooperate with France in industries such as nuclear power, aviation, artificial intelligence, green energy and biotechnology, Foreign Minister Wang Yi said. Wang's comments in Paris capped a European visit that also took him to Brussels and Berlin. During his trip, China announced anti-dumping duties on European brandy while exempting major cognac makers that agreed to minimum price levels.
Yahoo
an hour ago
- Yahoo
Niu Technologies Provides Second Quarter 2025 Sales Volume Update
BEIJING, July 04, 2025 (GLOBE NEWSWIRE) -- Niu Technologies ('NIU', or 'the Company') (NASDAQ: NIU), the world's leading provider of smart urban mobility solutions, today provided its sales volume results for the second quarter of 2025. 2Q 2025 2Q 2024 1H 2025 1H 2024 China Market 318,719 207,552 501,784 317,667 International Markets 31,371 48,610 51,619 67,634 Total 350,090 256,162 553,403 385,301 In the second quarter of 2025, NIU sold 350,090 units, including e-motorcycles, e-mopeds, e-bicycles, kick-scooters and e-bikes. Sales in the China and international markets were 318,719 and 31,371 units, respectively. In China, we remained focused on our key product line development strategy, enhancing existing models through continuous upgrades and refining our product portfolio. These efforts resulted in an optimized product mix that appeals to a broader range of consumers and delivers a more enjoyable riding experience. During the '618 Shopping Festival,' our high-end models secured top rankings across major e-commerce platforms, including Tmall, JD and Douyin. This strong performance further solidifies NIU's position in China's premium market, appealing to riders who value design and innovation. In the international markets, we launched a comprehensive portfolio of electric motorcycles, including off-road models. Supported by an expanded distribution network, this lineup has significantly strengthened our global market position, despite ongoing challenges in the micromobility sector due to a complex and uncertain environment. Our sales volume count disclosed above is based on the delivery from our manufacturing facility, which may vary slightly from the sales volume measured from a financial accounting and reporting point of view. NIU's sales volume represents only one measure of the company's financial performance and should not be relied upon as an indicator of quarterly financial results, which depend on a variety of factors, including revenues from accessories, spare parts and services, cost of sales, operating expenses, etc. About NIU As the world's leading provider of smart urban mobility solutions, NIU designs, manufactures and sells high-performance electric motorcycles, mopeds, bicycles, as well as kick-scooters and e-bikes. NIU has a diversified product portfolio that caters to the various demands of our users and addresses different urban travel scenarios. Currently, NIU offers two model lineups, comprising a number of different vehicle types. These include (i) the electric motorcycle, moped and bicycle series, including the NQi, MQi, UQi, FQi series and others, and (ii) the micro-mobility series, including the kick-scooter series KQi and the e-bike series BQi. NIU has adopted an omnichannel retail model, integrating the offline and online channels, to sell its products and provide services to users. For more information, please visit Safe Harbor Statement This press release contains forward-looking statements. These statements are made under the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as 'will,' 'expects,' 'anticipates,' 'aims,' 'future,' 'intends,' 'plans,' 'believes,' 'estimates,' 'likely to' and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as NIU's strategic and operational plans, contain forward-looking statements. NIU may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about NIU's beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: NIU's strategies; NIU's future business development, financial condition and results of operations; NIU's ability to maintain and enhance its 'NIU' brand; its ability to innovate and successfully launch new products and services; its ability to maintain and expand its offline distribution network; its ability to satisfy the mandated safety standards relating to e-scooters; its ability to secure supply of components and raw materials used in e-scooters; its ability to manufacture, launch and sell smart e-scooters meeting customer expectations; its ability to grow collaboration with operation partners; its ability to control costs associated with its operations; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in NIU's filings with the Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and NIU does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: Niu TechnologiesE-mail: ir@ in to access your portfolio
