China lifts tariffs on Australian wine as bilateral ties recover [Reuters]
TREASURY WINE EST S/ADR (TSRYY)
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Source: Reuters
said on Thursday, ending three years of punitive levies and offering long-awaited relief to Australian wine producers. The tariffs, of up to 218.4%, were first imposed in March 2021 for a period of five years along with a host of other trade barriers on Australian commodities when ties soured after Canberra called for a probe into the origins of COVID-19. Ties have improved significantly since last year, leading China to steadily lifting trade hurdles on Australian goods, including barley and coal. "Given the situation in China's wine market has changed, the anti-dumping and anti-subsidy tariff imposed on wine imported from Australia is no longer necessary," the commerce ministry said in a statement. Previously, Australian wines imported into China were subject to zero tariffs after the signing of a free trade agreement in 2015, giving them a 14% tariff advantage over many other wine-producing nations. "We welcome this outcome, which comes at a critical time for the Australi
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