China to Lift Tariffs on Australian Wine
China has decided to lift the tariffs placed on Australian wine, signaling an improvement in relations between the two countries after a diplomatic feud. The decision is set to take effect on Friday.
Key Points
- China imposed tariffs on Australian wine in 2020 during a diplomatic feud
- Tariffs cost the Australian economy an estimated 20 billion Australian dollars
- Most tariffs have been lifted as relations between the two countries improved
Pros
- Improving ties between China and Australia
- Positive impact on Australian wine industry
- Resumption of trade expected to benefit both countries
Cons
- Initial heavy hit on Australian wine producers from tariffs