China on Friday announced plans to hold a hearing on imported French cognac and similar European spirits, the same day the European Commission's tariffs on Chinese electric cars took effect.
China's anti-dumping investigation into Europe's cognac industry is a retaliatory response to EU tariffs on Chinese electric cars, Jean-Jacques Guiony, the chief financial officer of French luxury giant LVMH, which owns the Hennessy brand, said on Saturday.
He writes Reuters.
“You can be a regional player with a very special role in globalization, as we are, and still be held hostage by a number of conflicts that have nothing to do with you or your activities,” he continued.
Hennessy and other European cognac producers will attend the hearing in Beijing on July 18, according to Reuters.
China began investigating brandy “dumping,” or selling it at an artificially low price, in January following a complaint from a Chinese association on behalf of the domestic brandy industry.
Gioni also said that trade wars have negative economic and political repercussions, adding that Europe must stand together. He also pointed out that China sees Europe as weaker than the United States.
LVMH's CEO is Bernard Arnault, Europe's richest man. The luxury group owns 75 percent of the world's most prestigious brands. Turnover in the first quarter of 2024 was €24 billion.
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