Trade wars - China retaliates with brandy tax on EU exporters

A lovely case of retaliation here in the ongoing EU-China trade war with the Chinese imposing tariffs on EU brandy exports. In addition, as the article notes, "China is also considering new tariffs on other EU imports including cars, pork, and dairy."

So who is winning from this to-and-fro. In short, no-one: in targeting brandy, the Chinese know it affects relatively few producers and consumers, but in threatening to ratchet up retaliation further, they are signalling to the EU that they are prepared for the long haul.