China extends EU brandy probe as French cognac sales fall
China said today that it would prolong an anti-dumping probe into imports of EU brandy for three months, days after France’s top diplomat obtained a respite on additional customs taxes. The investigation would extend to July 5 “due to the complexity of this case,” the government said. European brandy shipments have faced charges since October after the EU placed tariffs up to 35.3% on Chinese electric vehicles over unfair competition allegations. French cognac producers, who rely on exports for 98% of sales, claim losses of 50 million euros ($54 million) monthly. China agreed to postpone potential permanent implementation of higher customs taxes on French cognacs for three months, according to French Foreign Minister Jean-Noel Barrot, who called it “a first step towards settling this dispute.”