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China lifts tariffs on Australian wine, ends three-year freeze in trade

2024-03-29 09:31:56       source:CNBC

March 28, 2024

China will lift anti-dumping and anti-subsidy tariffs on Australian wine from March 29, the Chinese commerce ministry said on Thursday, ending three years of punitive levies and offering long-awaited relief to Australian wine producers.

The tariffs, of up to 218.4%, were first imposed in March 2021 for a period of five years along with a host of other trade barriers on Australian commodities when ties soured after Canberra called for a probe into the origins of COVID-19.

Ties have improved significantly since last year, leading China to steadily lifting trade hurdles on Australian goods ranging from barley to coal, and raising hopes the punishing tariffs on shipments to Australia’s top wine export market would soon be removed.

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