China said Monday it will impose “temporary anti-dumping measures” on brandy imported from the European Union, deepening a trade standoff between Beijing and Brussels after similar measures last month.China announced provisional tariffs on EU brandy imports last month, saying the alleged “dumping” threatened “substantial damage” to the domestic industry.And Beijing’s commerce ministry said in a statement Monday that authorities have “decided to implement temporary anti-dumping measures in the form of a cash deposit or letter of guarantee” against European brandy products.The measures, based on calculations involving prices approved by customs, as well as import taxes, follow a similar announcement made by the ministry on October 8.It was not immediately clear whether these measures — which come into effect on Friday — were new or an extension of existing ones.France — Europe’s leading producer of brandy — had described the measures announced last month as political, designed to put the EU under pressure after it imposed hefty tariffs on Chinese electric vehicles over unfair competition claims.Monday’s “supplementary announcement” did not say when the latest temporary measures are due to expire.China launched an investigation in January into brandy imported from the EU after the bloc undertook a probe into Chinese EV subsidies.The EU decided last month to impose extra tariffs on Chinese-made EVs after an anti-subsidy probe concluded Beijing’s state subsidies were unfairly undercutting European automakers.China imported more brandy than any other spirit in 2022, with most of it coming from France, according to a report by research group Daxue Consulting.French cognac makers have begged Paris to put an end to the spat, describing themselves as “hostages”.France’s foreign trade minister Sophie Primas this month said that Paris was prepared “to take all possible technical and legal measures” in response to the tariffs, following a meeting with a Chinese counterpart.But she also said she believed the window for negotiation with Beijing over tariffs on European brandy was open.A second phase of consultations over the measures between the EU and China over the anti-dumping recently began.As well as the provisional brandy tariffs, Beijing has also launched anti-dumping probes into some European pork and dairy imports.Brussels is also investigating Chinese subsidies for solar panels and wind turbines.

Most Asian markets fell Monday after China’s keenly awaited plans to support the world’s number two economy fell short of expectations, while traders were also keeping tabs on Washington as Donald Trump puts his cabinet together after last week’s election win.Stocks rallied last week on hopes that a second Trump administration — supported by a Republican Congress — would push through a slew of business-friendly policies including deregulation and tax cuts, offsetting concerns about possible trade wars.However, the mood changed after Beijing said Friday it would ramp up the local government debt ceiling to help them clear so-called hidden debt, but fell short of announcing any new growth-boosting measures for the stuttering economy.Hopes had been building all last week that officials would deploy a “bazooka” stimulus, the need for which was highlighted Sunday by data showing Chinese inflation slowed last month and came in below forecasts.Authorities in late September began unveiling a raft of policies aimed at reigniting the economy, which has failed to fire since the lifting of tough Covid-fighting rules at the end of 2022.Among them were interest rate cuts and an easing of home-buying measures as leaders try to address a crisis in the country’s vast property sector.Friday’s announcement saw Chinese shares traded in New York plunge more than four percent. Hong Kong led Asian losses Monday, shedding more than one percent, while Sydney, Seoul, Wellington, Taipei, Manila, Bangkok and Jakarta also fell.There were gains in Shanghai, Tokyo, Singapore and Mumbai, while London, Paris and Frankfurt also advanced at the open.The selling came as investors ignored another record for all three markets on Wall Street, which was also helped by another Federal Reserve interest rate cut.Observers said there were concerns about the impact of Trump’s planned tariffs, which he said would have a particular focus on China, fuelling talk of another trade war between the economic superpowers.Pepperstone Group’s head of research Chris Weston said Beijing may have had an eye on this in its announcement.”Many feel that China is keeping its tactical powder in play for such time as the Trump-China tariff negotiations build, and they can respond in a more targeted fashion to stem the likely economic fallout,” he wrote.”In the short-term, however, it does suggest downside risk to China/HK equity and the yuan.”Meanwhile, bitcoin continued to push to new highs, hitting a record $81,891 Monday on optimism that Trump will ease regulations surrounding the cryptocurrency.”We shouldn’t expect this bullish trend to be interrupted for a long time — about a year. The next level for me is $100,000,” Stephane Ifrah,  of French crypto asset management company Coinhouse, told AFP.Meanwhile, researchers at Bank J. Safra Sarasin offered a largely upbeat outlook for the next year.They wrote in a report that “2024 ends with stronger economic growth, more balanced labour markets and lower inflationary pressures than we expected a year ago. In particular, the US economy was more resilient and is still headed for a soft landing”.”Yet President-elect Donald Trump’s policy proposals could lead to heightened macroeconomic volatility. Deregulation and tax cuts would boost nominal growth, but a trade war would hurt growth and raise prices.”- Key figures around 0810 GMT -Tokyo – Nikkei 225: UP 0.1 percent at 39,533.32 (close)Hong Kong – Hang Seng Index: DOWN 1.5 percent at 20,426.93 (close)Shanghai – Composite: UP 0.5 percent at 3,470.07 (close)London – FTSE 100: DOWN 0.8 percent at 8,134.86Euro/dollar: DOWN at $1.0693from $1.0724 on FridayPound/dollar: DOWN at $1.2900 from $1.2921Dollar/yen: UP at 153.72 yen from 152.62 yenEuro/pound: DOWN at 82.90 pence from 82.95 penceWest Texas Intermediate: DOWN 0.1 percent at $70.29  per barrelBrent North Sea Crude: UP 0.1 percent at $73.93 per barrelNew York – Dow: UP 0.6 percent at 43,988.99 (close)