Major Cognac companies made concessions to avoid the worst of the penalties, imposed by Beijing in retaliation for E.U. tariffs on Chinese electric vehicles.

China on Friday imposed anti-dumping duties on European brandy, most notably cognac produced in France, as trade tensions between Beijing and United States allies continue to rise.Chinese authorities agreed to exempt some major cognac makers on condition they maintain their prices above minimum levels.

SHANGHAI: China spared major cognac producers Pernod Ricard and Remy Cointreau from new duties of up to 35 per cent on EU brandy announced on Friday (Jul 4), provided they sell at a minimum price. Chi