China imposed anti-dumping duties of up to 34.9% on European brandy shipments, effective July 5. Major cognac makers, such as Remy Cointreau, Pernod Ricard, and LVMH's Hennessy, secured exemptions by committing to maintain prices above a minimum threshold. This arrangement offers a partial reprieve as cognac shipments to China have significantly dropped after previous preliminary duties. The president of the cognac producers' association expressed that the price commitment regime is preferable to definitive duties, and companies continue to seek improved market access in China.
The minimum price commitment regime offers more tolerable conditions for our companies than the definitive anti-dumping duties announced, even if the market access they allow remains impaired.
The terms of the price agreement represent a significantly more favorable outcome, or at the very least, a substantially less punitive alternative, compared to the anti-dumping duties announced.
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