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 has imposed anti-dumping duties on European brandy, most notably cognac produced in France. The tariffs announced Friday will range from 27.7% to 34.9% and take effect on Saturday.

China will require major European brandy exporters to raise prices or risk anti-dumping taxes of up to 34.9 percent from Saturday, the latest salvo in its long-running trade spat with

Trump administration faces pressure to clinch more trade deals, with a temporary tariff freeze on dozens of countries set to expire.

Duties on imports from dozens of countries would jump if the 90-day pause imposed in April expires July 9 as scheduled.

President Donald Trump's second term economic plan can be summed up in one word: tariffs. As his barrage of import taxes went into overdrive in recent months, markets trembled and business leaders sounded alarms about the economic damage they would cause.