HONG KONG (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 over Australia's support for a global inquiry into the origins of COVID-19. The duties on Australian wine skyrocketed above 200%. Australian wine producers took a heavy hit from the tariffs,
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(Bloomberg) -- China lifted its punitive tariffs on Australia’s wine exports, signaling an end to a three-year campaign of trade pressure on Canberra and raising hopes for a revival of the billion-dollar industry.Most Read from BloombergLondon Insurers Face Baltimore Bridge Payouts Worth BillionsBiden Gains Ground Against Trump in Six Key States, Poll ShowsJapan Amps Up Intervention Threat as Yen Hits Lowest Since 1990Trump’s Net Worth Hits $6.5 Billion, Making Him One of World’s 500 Richest Peo
Treasury Wine will use partnerships with customers in China to distribute its Penfolds entry-level Australian origin portfolio as well as its Premium Brands Australian-sourced priority portfolio, it said. In addition to resuming distribution, it plans to expand sales and increase its marketing resources and brand investment in China. Sales diminished after tariffs of up to 218.4% were first imposed in March 2021 for a period of five years along with other trade barriers on Australian commodities when ties soured after Canberra called for an investigation into the origins of COVID-19.
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