China Hits EU Dairy Imports With Hefty Duties After Probe

China levied initial duties on some dairy imports from the European Union following an anti-subsidy probe, the latest move in a tit-for-tat trade dispute with the bloc.

In a preliminary decision, China said it will impose duties of as much as 43% on certain EU dairy products after finding they were subsidized, according to the country’s Ministry of Commerce. Chinese dairy stocks jumped on the announcement, with Lanzhou Zhuangyuan Pasture closing 10% higher in Shenzhen.