News

Australia: China tells us to be patient

Red Wine
Published Feb 20, 2024

Tridge summary

China is reportedly reviewing its tariffs on Australian wine, with potential changes expected to be implemented in early 2024. The review process, which is expected to last until November 30, 2024, is being conducted by the Ministry of Commerce. Despite the long review period, there is optimism about improved economic and trade ties between China and Australia, particularly in light of China's economic recovery. However, Treasury Wine Estates has denied shipping wine to a Hong Kong warehouse in anticipation of these tariff changes.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

So, when is China coming back? Asking for a friend in the wine industry. Early this year, was the tip from Trade Minister Don Farrell back in December. That didn’t happen. Now WBM is hearing reports that April will bring some good news. China is now telling us to be patient – that the review is happening. On Monday the Chinese newspaper the Global Times – in an article about Treasury Wine Estates supposedly stockpiling wine in Hong Kong ahead of changes to China tariffs on Australia wine – told Australia to be patient. “The review period is expected to last for one year, ending before November 30, 2024, according to the MOFCOM (Ministry of Commerce),” the Global Times says. “Some Australian government officials, media outlets and industry insiders believe that the tariffs will be lifted in early 2024, according to media reports. “A senior insider with a Chinese wine industry group told the Global Times on Monday that the review regarding tariff lifting is underway and there is no ...
Source: Wbmonline
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