Cognac producers had at least one thing to toast this week. After a months-long dumping investigation into European brandy, the Chinese government announced that 34 producers—including the three biggest, LVMH, Pernod Ricard and Remy Cointreau—had agreed to minimum prices, and so would be exempt from new duties. A 35% tariff for the next five years will apply only to a dribble of producers.
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