BEIJING/SYDNEY (Reuters) – China will impose non permanent anti-dumping measures on wine imported from Australia from Nov. 28, the Ministry of Commerce stated on Friday, in a transfer prone to additional escalate commerce and diplomatic tensions between Beijing and Canberra.
Importers bringing in investigated merchandise might want to pay deposits to China’s customs authority, which shall be calculated primarily based on completely different charges the authority has assigned to numerous firms, in keeping with the assertion.
The speed required of Treasury Wine was 169.3%, the very best amongst all of the named wine companies within the assertion. Shares of Australia’s Treasury Wine Estates Ltd, the world’s largest listed winemaker, fell greater than 13% earlier than being placed on a buying and selling halt pending an announcement.
China’s commerce ministry didn’t specify how lengthy the measures would final for. It stated that it seemed into samples from a number of Australian companies, together with that of Treasury Wines, Casella Wines and Australia Swan Classic.
A spokesman for Australia’s Minister for Commerce Simon Birmingham didn’t instantly reply to a request for remark.
China in August started an anti-dumping probe into imports of Australian wine on the request of the Chinese language Alcoholic Drinks Affiliation. Earlier this month, the affiliation known as for retrospective tariffs on Australian wine imports.
Beijing’s newest transfer comes towards a backdrop of accelerating pressure between the nations after Canberra known as for a global inquiry into the origins of the novel coronavirus.
China is the highest marketplace for Australian wine exports and can also be Australia’s largest buying and selling associate, with two-way commerce value A$235 billion ($170 billion) final yr.
(Reporting by Sophie Yu in Beijing, Byron Kaye and Jonathan Barrett in Sydney; Further reporting by Min Zhang and Shivani Singh; Modifying by Sam Holmes and Raju Gopalakrishnan)
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