China slaps tariffs of up to 42.7% on EU dairy products, alleging ‘damage’ to the domestic dairy industry

China slaps tariffs of up to 42.7% on EU dairy products, alleging ‘damage’ to the domestic dairy industry


French cheeses displayed in a store in Paris.

Bertrand Guay | Afp | Getty Images

China announced tariffs of up to 42.7% on dairy products from the European Union Monday, following the results of an anti-subsidy investigation that began in August 2024.

In a statement by the country’s Ministry of Commerce, China said that EU subsidies for dairy products had caused “substantial damage” to China’s domestic dairy industries.

The tariffs are set to take effect on April 23, the ministry said, and the rates would be determined by the amount of “ad valorem subsidy rates” from the Customs Tariff Commission.

Tariffs range from 21.9% to 42.7%, with companies “who cooperated with the investigation” seeing tariffs of 28.6%, and those that “did not cooperate” subject to the top rate of 42.7%, according to a statement from a Commerce Ministry official.

Products that fall under the tariffs include fresh and processed cheese, as well as some kinds of milk and cream.

Beijing last week sharply cut its duties on pork imports and pig by-products from the European Union, with new tariff rates ranging from 4.9% to 19.8% on dozens of European pork exports.

Earlier in September, China imposed temporary anti-dumping tariffs of up to 62.4% in the form of cash deposits on pork imports from the EU.

Separately, the bloc in November challenged China’s imposition of tariffs on imports of EU brandy at the World Trade Organisation, saying “China’s provisional measures on EU brandy are not in line with WTO rules.”

The trade tensions flared after Brussels slapped tariffs of up to 45% on electric vehicles imported from China in October last year.

— CNBC’s Anniek Bao contributed to this report.



Source

Frontier Airlines forecasts revenue boost from Spirit collapse
World

Frontier Airlines forecasts revenue boost from Spirit collapse

Spirit Airlines and Frontier Airlines ticket counters at Kansas City International Airport. Leslie Josephs/CNBC Frontier Airlines expects a revenue boost from Spirit Airlines’ collapse over the weekend, a shuttering that removed Spirit’s capacity from the market overnight. “Drawing on the benefits realized from prior Spirit capacity adjustments, we believe their exit supports a [revenue per […]

Read More
Keep buying Five Below as it leans into squishy dumplings, says analyst
World

Keep buying Five Below as it leans into squishy dumplings, says analyst

Wolfe Research believes that the latest growth driver for Five Below comes in the form of a squishy toy dumpling. In a Tuesday note to clients, analyst Spencer Hanus reiterated his outperform rating on the off-price retail chain. Hanus’ new price target of $291 price target implies upside of 26% from where shares of Five […]

Read More
Stocks making the biggest moves midday: Shopify, Advanced Micro Devices, PayPal, Intel, Coinbase & more
World

Stocks making the biggest moves midday: Shopify, Advanced Micro Devices, PayPal, Intel, Coinbase & more

Here are the stocks making headlines in midday trading. Source

Read More