Starting on March 29, China will be lifting tariffs placed on Australian wine that have been in place for more than three years.
According to the Associated Press, China’s tariffs on Australia started in 2020 after the latter expressed support for an inquiry into the origins of COVID-19. That saw duties on Australian wine soar to over 200%.
Prior to the tariffs, China was Australia’s biggest wine importer. It’s estimated that the wine trade between the two countries was worth 1.1 billion Australian dollars ($710 million) a year in 2019.
With those tariffs lifting, the Australian government lauded the move as arriving at a “critical time for the Australian wine industry.” Chinese Ministry of Commerce spokesperson He Yadong also described their two nations as “important trade partners.”
“We are willing to work with Australia to resolve each other’s concerns through dialogue and consultation and jointly promote the stable and healthy development of bilateral economic and trade relations,” He said.
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- Source: https://www.supplychainbrain.com/articles/39384-china-to-lift-costly-three-year-old-tariffs-on-australian-wine
