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China starts anti-dumping investigation into Australian wine imports

China has started an anti-dumping probe to imports of Australian wine, it said on Tuesday, a movement that knocked a fifth off the market worth of Australia's largest winemaker and is very likely to worsen strain between the states.

The analysis by China's trade ministry will look at imports of wine from Australia in containers of 2 litres or not in 2019, '' the ministry said in a stat statement analyze any harm to the national wine industry by 2015 to 2019.

The Chinese Alcoholic Drinks Association asked the question, asking the regulator to check to 10 Australian wine manufacturers, such as Treasury Wine Estates (TWE.AX), the manufacturer of Penfolds, along with Accolade wines.

Shares of Treasury, the planet's largest standalone winemaker, dropped up to 20 percent on concerns in the prospect of a import tax on Australian wine.

China launches anti-dumping investigation into Australian wine exports

The analysis comes from a backdrop of growing tension between the states after Canberra called for an worldwide inquiry into the roots of this novel coronavirus.

Beijing lately levied dumping tariffs on Australian barley, frozen a few beef imports and advised Chinese tourists and students it wasn't safe to go to Australia due to accusations of racism.

China launches anti-dumping investigation into Australian wine ...

He told colleagues that he hadn't spoken to his Chinese counterpart, along with other senior administration officials, as May, when he asked discussions in light of their barley tariff.

He rejected suggestions that it had been politically motivated. "That is a standard instance of anti-dumping, please do not draw unnecessary relationships," he told a news briefing.

The China Alcoholic Drinks Association said Australian wine manufacturers had cut to cutces and so were taking market share from local businesses, which had witnessed a rapid deterioration in manufacturing and operating requirements. The cost of imports dropped 13 percent to $6,723 a kilolitre, it included, mentioning Chinese customs information.

Over precisely the exact same span, the market share of national wine fell from 74.4percent to 49.6 percent, it said.

"Our wine is more costly than any wine-exporting nation on the planet," he added.

Tony Battaglene, chief executive of business Austthe Australianpe & Wine Inc, stated China's sudden move could cause a tariff on most of the approximately 1,200 Australian winemakers that export to China.

China launches anti-dumping probe into Australian wine | Business ...

"As in the barley instance they could employ a tariff throughout the board," he explained. "It may apply at a business level and at a national level. It would be harmful, there is little doubt about it"

Australian wine exporters, such as Treasury, confronted blocks and flaws in 2018 when Chinese customs officials held up imports at a time of strained relations, following Australia accused Beijing of meddling in national affairs.

Fund director Macquarie Equities said that it was reviewing its investment evaluation of Treasury Wine because of"increased geopolitical dangers", a" cautioned of the prospect of tariffs.

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