Hey there! Have you ever heard of brandy? It’s a type of drink made from distilled wine, and it’s pretty popular in Europe. Recently, something interesting happened between China and European brandy makers!
China’s Ministry of Commerce announced that European brandy exporters won’t have to pay extra taxes, called anti-dumping duties, when selling their brandy to China—if they agree to certain price terms. This means that if they sell their brandy at agreed-upon prices, they can skip the extra fees!
So, what are anti-dumping duties? 🤔 Well, sometimes countries add extra taxes on products from other countries if they think those products are being sold at unfairly low prices. This can help protect local businesses from being hurt by super cheap imports.
In this case, China did an investigation and found that some European brandy was being sold at really low prices. To fix this, they planned to add extra duties ranging from 27.7% to 34.9% for the next five years. But here’s the good news: 34 European brandy producers promised to stick to certain price levels, known as a price undertaking. Because of this promise, they won’t have to pay those extra duties! 🎉
This decision is great because it helps keep things fair for everyone. Chinese brandy producers are happy, and so are the European ones. Plus, it shows that China wants to solve trade problems by talking and working together. Isn’t it cool how countries can cooperate like that?
Trade can be complicated, but when everyone plays by the rules, it benefits people all over the world—including us! 🌏
Reference(s):
China waives EU brandy duties if price terms met, accepting 34 pledges
cgtn.com
