CHIN Beat France and Italy with 39% Tariffs: What’s Going On?

China’s response to the European Union’s decision to impose tariffs on Chinese electric vehicles (EVs) includes targeting key European industries such as luxury goods and agriculture. China has imposed tariffs of up to 39% on European brandy and is considering further measures, including raising tariffs on European luxury cars and agricultural products like pork and dairy. This countermeasure is aimed at retaliating against what China views as protectionist practices from the EU, which imposed tariffs ranging from 17.4% to 38.1% on Chinese EVs. The luxury sector, which depends heavily on Chinese consumers, is particularly vulnerable, and this trade dispute could exacerbate economic instability within the EU, potentially slowing down both European and Chinese economies in the long run.