COGNAC, France - In this grape-growing region of western France, where brandy producers are fretting over the fallout from a trade dispute between the European Union and China, Christophe Bouetard is more worried than most.
A glass of 20 year-old Cognac is seen at the Painturaud Freres wine cellar in Segonzac, France, on Oct 9, 2024.
France was seen as the target of Beijing's brandy probe due to its support of tariffs on Chinese-made EVs. French brandy shipments to China reached 1.7 billion euros last year, bringing revenue of one billion euros to Cognac producers. Beijing's brandy measures have rippled across France's luxury sector, which is already struggling with weaker Chinese demand. Shares of LVMH, Remy Cointreau and Pernod Ricard which market the high-end Hennessy, Remy Martin and Martell cognac respectively, fell sharply on Tuesday after Beijing announced the measures.
Should those measures become permanent, the additional duties would lead to a slump in exports to China, cognac's second-largest market after the United States, France's Bureau National Interprofessionnel du Cognac trade body said.
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