China Probes EU Liquor, Sinking Shares as Trade Spat Worsens

(Bloomberg) — China is launching an anti-dumping investigation into liquor products such as brandy from the European Union, in a relatively modest step after the bloc opened a probe last fall into its electric vehicle subsidies.

The investigation, which Beijing said was prompted by an application from a domestic liquor association, targets French cognac, a niche but lucrative product in China for producers such as Pernod Ricard SA and Remy Cointreau SA. News of the probe sent their stocks plunging.