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 on Friday imposed anti-dumping duties on European brandy, most notably cognac produced in France, as trade tensions between Beijing and United States allies continue to rise.The tariffs, effective on Saturday,

China exempts French cognac giants like Pernod Ricard and Remy Cointreau from tariffs if they agree to minimum price, easing EU-China trade tensions.