Business
Treasury Wine Estates has reported a 24 per cent fall in net profit after tax to $175.3 million for the first half of the financial year, citing ongoing impacts of the coronavirus and Chines tariffs for the result.
News
Australia’s Trade Minister says it’s “deeply frustrating” that China refuses to discuss its “unacceptable” targeting of Australian exports, with lamb joining wine, beef, coal, barley and timber on the unofficial hit list and wheat and cotton producers bracing as the trade dispute worsens.
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Wine, coal, barley, lobsters and timber have been targeted in recent months, but it’s iron ore exports to China that should be the main concern for Australia’s economy. And that should prompt a focus on alternatives to underpin future prosperity, argue Rod Tyers and Yixiao Zhou.
China is set to impose duties on Australian wine of between 107 and 212 per cent from tomorrow following an “anti-dumping” inquiry announced as part of a suite of measures in past months targeting Australian exports.
Chinese media reports that authorities are planning to halt imports of Australian wine, lobsters, sugar, coal, copper, barley and timber are “deeply troubling”, Trade Minister Simon Birmingham says.
South Australian lobsters are among those that have been stranded on the tarmac in China, sparking concerns the lucrative shellfish could be the next target of Chinese trade sanctions.
Australian cotton growers could be the latest victims of increasingly bitter trade tensions with China which have seen crippling tariffs placed on Australian barley exports, with wine also in the firing line.
