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

American tariffs on dozens of countries will come into effect next Wednesday as scheduled, although several deals could still be worked out before then, President Donald Trump confirmed Friday.

Trump announced the Vietnam deal on Wednesday, saying that the US would place a 20 per cent tariff on Vietnamese exports to the US and a 40 per cent rate on goods deemed transshipped through the nation — a reference to the practice whereby components from China and possibly other nations are routed through third countries on their way to the US.

With just five days remaining in the tariff moratorium, the White House is expected to begin delivering a message to a dozen or so countries: Time is up, and here’s your new rate.