China’s Tariff Decision Lifts Spirits as Remy and Pernod Surge

00:00

00:00/00:00

Listen to this article 1x

China’s commerce ministry said the dumping of brandy from the EU has helped increase its market share in China to more than 50%

(Bloomberg) — Shares in Rémy Cointreau SA and Pernod Ricard SA surged after China said it would not impose temporary tariffs on brandy from the European Union, at least for now.

Remy, the maker of Remy Martin Cognac, rose as much as 12% in Paris trading. Pernod, which produces Martell Cognac, gained as much as 9.7%, the most since 2008.

Chinese authorities began an anti-dumping investigation into brandy makers after the EU started looking into electric vehicle (EV) subsidies. Although China said it found evidence of dumping in a preliminary probe, it has stopped short of levying tariffs, a sign Beijing wants to negotiate with the EU over various trade issues.