China lifts heavy tariffs on Australian wine as ties improve

Red Wine

Published Mar 28, 2024

Tridge summary

China has announced the lifting of tariffs on Australian wine, which were initially imposed over three years ago amid a diplomatic dispute, with the tariffs reaching over 200%. This decision, effective from Friday, marks a significant shift in the bilateral relations between China and Australia, signaling a thaw after a period of strained ties. The tariffs had severely affected the Australian wine industry, given China's position as its largest export market. The move to lift these tariffs comes after a series of trade sanctions and tariffs imposed by China on Australian goods in 2020, which had a substantial economic impact, costing Australia an estimated 20 billion Australian dollars ($13 billion). The easing of these trade barriers indicates an improvement in the diplomatic relations between the two nations.

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Original content

BEIJING (AP) — China on Thursday said it will lift tariffs placed on Australian wine over three years ago, in a sign of improving ties between the two countries. China’s Ministry of Commerce said the decision will take effect Friday. China imposed tariffs on Australian wine in 2020 during a diplomatic feud, sending duties skyrocketing above 200%. The Australian wine market took a heavy hit from the tariffs, as China was Australia's top wine export destination. Trade tariffs have been a hot topic between Beijing and Canberra in recent years after China imposed a raft of sanctions on Australian goods in 2020 during the most recent nadir in ...

Source: Timescolonist