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Money China imposes anti-dumping tariffs on Australian wine

08:55  27 november  2020
08:55  27 november  2020 Source:   finanzen.net

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China will impose taxes on Australian wine of up to 212%, starting on Saturday. Its commerce ministry said these were temporary anti - dumping China is the biggest destination for Australia 's wine exports, accounting for 39% in the first nine months of 2020, according to Wine Australia .

Mainland China is responsible for 39% of the total export value of Australian wine . Beijing’s decision to start an ‘ anti - dumping ’ investigation into imported China has opened the door to imposing tariffs on Australian wine imports by launching the same kind of trade investigation that triggered steep

With anti-dumping tariffs on wine imports from Down Under, China is putting the increasingly tense relations with Australia to the test.

Servais Mont/Getty Images © Provided by Finanz.net Servais Mont / Getty Images

The tariffs temporarily imposed by the Ministry of Commerce in Beijing are said to be between 107.1 percent and 212.1 percent, depending on the product, and will come into force on Saturday. Chinese wine producers - who in fact hardly play a role on the world market - have suffered "substantial damage" through price dumping by their Australian competition, it was said to explain. The People's Republic is the largest sales market for Australian wine exports and also the most important trading partner for the fifth continent.

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Australian industry groups fear they may lose the lucrative Chinese market amid reports that Beijing could slap anti - dumping duties on Australian wine and suspend other imports as relations between the two nations sour. The Chinese government may impose a duty of more than 200 percent on

China ’s only other anti - dumping investigation of Australian products effectively closed the China market to Australian barley in May through crippling tariffs . “That means that if China ’s government decides to impose anti - dumping duties against Australian wine , that will hurt the Chinese

Relations between the two countries have deteriorated noticeably over the past two years. For example, the government in Canberra prohibited the Chinese technology group Huawei from setting up a 5G network in Australia. Beijing is also angry that the Australian government demanded an independent investigation into the origin of the coronavirus, which spread from the Chinese metropolis of Wuhan worldwide. Other controversial issues also reinforce China's leadership in their view that Australia is helping the United States to slow down the rise of the People's Republic.

Most recently, China had already taken action against other branches of industry in Australia and had issued trade restrictions for coal, copper and barley from Down Under.PEKING (dpa-AFX)

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This is interesting!