Bloomberg reported on China's imposition of duties on brandy from the EU

China has imposed anti-dumping duties on brandy from European countries for a period of five years amid the ongoing escalation of diplomatic and trade tensions between the parties. This was reported by Bloomberg on July 4.

It is clarified that this decision was made after the European Union countries imposed duties of up to 45% on Chinese-made electric vehicles.

"Duties ranging from 27.3% to 34.9% will be imposed on European brandy supplies from July 5 <...>. 34 brandy producers from the EU will be eligible for exemption from duties if they fulfill their price obligations," the material says.

The statement from the Chinese Ministry of Commerce also noted that the duties were imposed due to damage caused due to dumping by European manufacturers.

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On the same day, Bloomberg reported that the United States lifted some restrictions on the export of software for chip design to China. Washington has promised to allow the supply of software for the design of microchips, as well as ethane and jet engines to China if Beijing fulfills a promise to accelerate the approval of exports of critical minerals.