China lifts heavy tariffs on Australian wine as ties improve

News Snapshot:

BEIJING (AP) — China on Thursday said it will lift tariffs placed on Australian wine over three years ago, in a sign of improving ties between the two countries. China’s Ministry of Commerce said the decision will take effect Friday. China imposed tariffs on Australian wine in 2020 during a diplomatic feud, sending duties skyrocketing above 200%. The Australian wine market took a heavy hit from the tariffs, as China was Australia's top wine export destination. Trade tariffs have been a hot topic between Beijing and Canberra in recent years after China imposed a raft of sanctions on Australian goods...