Signs of thaw of relationships between Beijing and the West They can also be seen on the financial markets, where some export-oriented sectors have become heated up in response to the visit of a US delegation to China and the declarations of the Chinese Minister of Commerce on the possibility of avoid duties on brandy producers and (who knows) also on cars imported from the EU.
US on exploratory visit to Beijing
It is from these days the Visit to Beijing of the US National Security Advisor, Jake Sullivanwho has held talks with the top Chinese authoritiesincluding the president Xi Jinping. A diplomatic visit, apparently without commercial purposes, even if trade remains the priority issue in a slowdown phase like the current one.
Beijing has repeatedly accused Washington of using national security and China’s excess production capacity as a “pretext” to adopt protectionist measures. While Xi Jinping has reiterated Beijing’s commitment to fostering “stable, healthy and sustainable” relations between China and the United States and expressed the hope that the two powers could “meet halfway.”
China attempts diplomacy
Also in these days, the Chinese Ministry of Commerce he decided to do not impose duties on cognac imported from the European Union, while noting the existence of dumping practices implemented by European cognac producers, who sell their products in China with margins ranging from 30.6% to 39%.
Beijing will not impose provisional anti-dumping measures on brandy imported from the EU for the time being, in response to signals of truce offered by Brusselswhich has decided to lower tariffs on Chinese electric cars and not to impose provisional and retroactive duties until the conclusion of its investigation in January 2025. Even the Chinese president Xi Jinping he had committed himselfduring a visit to Paris in May, not to impose tariffs on European cars until the investigation is concluded.
Signs of de-escalation send cognac and cars soaring
The latest developments have had a positive impact on the stock market on the sectors most interested in exports, first and foremost French cognac. In fact, on the Paris Stock Exchange, the shares of Rémy Cointreau they jumped by 12% and Pernod Ricard gained about 10%.
The automotive sector in Germany also performed well. Positive performances were recorded in Frankfurt on BMW, Porsche and Damier (Mercedes)which are still trading positively on the market today.
