China has lifted punitive tariffs on Australia n wine, reopening a billion-dollar market as ties improve between the two countries after years of tension.
Few trade conflicts can be calibrated quite so precisely, commodity by commodity, as the China-Australia spat whose denouement continued to play out last week. Four years after Beijing started to impose trade bans in retaliation for Canberra’s temerity in suggesting an inquiry into the origins of Covid-19, ChinaIt has already eased restrictions on trade in coal and barley: There are now rock lobsters and beef to go.
Both sides portrayed the outcome as a mutually beneficial de-escalation of tensions. But fair-minded observers would award a win on points to the country of almost 27 million people with a gross domestic product of US$1.7 trillion against the one with an economy 10 times the size, which also has nuclear weapons. Australia stuck to its geopolitical stance as a strong US ally, and China backed down.
Source: News Formal (newsformal.com)
China Australia Wine Tariffs Trade Tension Market
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