Posted: Nov 30, 2020
Australian winemaker Treasury Wine has for years benefited from quenching the thirst of the nouveau richer in China. The souring relationship between Australia and China has now left it with a nasty hangover. China imposed anti-dumping tariffs on Australian wins last week after an investigation by Beijing, whose findings were rejected by the Australian government. There is a political background: Relations between the two countries have been on ice since April, when Australia campaigned for a global investigation into the origins of the coronavirus pandemic. Importers of Treasury Wine will now be required to pay 169% tariffs. But the idea that the company is dumping cheap wines into China looks questionable. On the contrary, the country is a major market for the company's premium offerings.
By Jacky Wong
11-30-2020
Source and complete article by: wsj.com
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