China removes punishing tariffs on Australian wine trade

News Snapshot:

The Ministry of Commerce said changes to the Chinese wine market meant it was no longer necessary to impose the trade restrictions. Robert Foye, the chief executive of Australia’s second-largest wine company, Accolade Wines, said it was “very positive news for our business and for the whole Australian wine industry”. “While we do not anticipate a snap back to 2020 levels, we do see a sizeable opportunity for our business in China, and we are excited about the long-term potential this market brings,” Mr Foye said. Analysts from E & P earlier this month estimated that a restart of Australian...