China has granted tariff exemptions to major cognac producers.
The firms include Remy Cointreau, Pernod Ricard and LVMH’s Hennessy.
They have agreed to minimum import prices in order to be excluded from hefty levies imposed on European shipments of brandy and wine-based spirits.
Duties ranging between 27.7 per cent and 34.9 per cent will be imposed on shipments from July 5. They will be in place for five years, China’s commerce ministry said.
Raising a glass: Remy Cointreau, whose Cointreau orange liqueur is endorsed by The White Lotus actress Aubrey Plaza (pictured), abandoned its sales targets earlier this year
Beijing has claimed that European firms are ‘dumping’ their products on the Chinese market at lower prices.
Remy Cointreau, whose Cointreau orange liqueur is endorsed by The White Lotus actress Aubrey Plaza, abandoned its sales targets earlier this year.
Rivals Diageo and Pernod Ricard have also withdrawn their sales targets as the sector endures a slowdown from previous heady years for pricey liquors.
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This article was originally published by a www.dailymail.co.uk . Read the Original article here. .