As of November 28, China will impose tariffs on Australian wine up to 212 percent of its value.. The Commerce Ministry said it will be a measure antidumping, that is, which has the purpose of limiting exports of goods at prices much lower than those practiced on the domestic market. The tariffs will range from 107 to 212 percent, and the minister has not specified how long they will last.
In recent months, China has tightened taxation on imports of various Australian products including coal, sugar, barley and lobster. China is the main market for Australian wine exports as well and esteem that in the first nine months of 2020, 39 per cent of the wine produced in Australia was exported to China.
Following the announcement of the import tax hike on Friday, the share price of Treasury Wine Estates (TWE), one of the world’s largest wine producers, fell by more than 13 percent. Australian Agriculture Minister David Littleproud tweeted that his country’s government is “extremely disappointed” by China’s decision that comes after months of tensions, not only commercial, between the two countries.
MEDIA RELEASE: Australian Government extremely disappointed in Chinese decision to impose preliminary tariffs on Australian wine #auspol #ausag #australianwine pic.twitter.com/Xk6jeC89hg
— David Littleproud (@D_LittleproudMP) November 27, 2020
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