In a sign of easing tensions between Australia and China, China said Thursday that it would lift the tariffs it placed on Australian wine more than three years ago.
The tariffs, which were first imposed in 2020 amid a nasty diplomatic spat between Australia and China, had all but vaporized the country’s biggest overseas market, worth 1.2 billion Australian dollars or around $800 million at its peak.
The decision to lift the tariffs was announced by China’s Ministry of Commerce.
“That’s going to take some time to be depleted,” said Lee McLean, the chief executive of Australian Grape & Wine.
“And China is not going to solve that on its own.”
Persons:
Anthony Albanese, “ That’s, ”, Lee McLean
Organizations:
China’s Ministry of Commerce, Rabo Bank, Australian
Locations:
Australia, China