China lifts penalties on Australian wine after more than three devastating years

News Snapshot:

Hong Kong CNN — China has announced it is lifting punishing tariffs on Australian wines more than three years after imposing penalties that devastated the industry and were a major point of friction between the trading partners. China’s Ministry of Commerce on Thursday said that “in view of the changes in the wine market conditions in China,” it was “no longer necessary to impose anti-dumping duties and countervailing duties on imported wines originating from Australia.” The measure would come into effect on Friday, two days before the end of a five-month review period agreed on by Canberra and Beijing that...