China is playing hardball here as they are not going to endorse the reported tentative deal with French cognac makers from last week. For some background: China reportedly seeks to tie French cognac deal with EV tariff talks
The duties will be implemented for a period of five years starting from 5 July. However, there will be some exceptions. It is unclear but China is saying that there will be no duties for “some imports complying with agreed terms”. I reckon that should be interpreted as until the EU does something about EV tariffs against China.
This article was written by Justin Low at www.forexlive.com.