China will impose new anti-dumping measures on EU brandy imports, escalating the trade war between Beijing and Brussels just days after the bloc slapped higher tariffs on Chinese electric vehicles.
The Chinese commerce ministry said in a statement on Tuesday that it would require a security deposit from EU brandy importers beginning on Friday.
Shares in French luxury group LVMH, owner of Hennessy cognac, dropped 4.3 per cent in early trading in Paris on Tuesday after the announcement, while Martell owner Pernod Ricard fell 2.7 per cent and Rémy Cointreau nearly 4.8 per cent.
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