China to Review Tariffs on Australian Wine and Restrictions on Lobster Imports

China to Review Tariffs on Australian Wine and Restrictions on Lobster Imports

China is set to complete a review of the years-long tariffs imposed on Australian wine by the end of March, according to Australian Trade Minister Don Farrell. These tariffs, which can be as high as 218%, were first introduced in 2021. Farrell expressed hope that China would lift these tariffs once the review is finished. He also mentioned that progress is being made in relation to the unofficial restrictions on lobster imports.

Farrell emphasized that if China does not remove the tariffs after the review, Australia is prepared to resume a World Trade Organisation suit against them. This indicates that there is a possibility of escalating tensions between the two countries if the tariffs are not lifted. The trade barriers imposed by China on commodities such as barley, coal, and lobsters have been gradually removed, with the wine tariffs and unofficial restrictions on lobster imports being among the few that remain.

The dispute between Australia and China stemmed from issues related to foreign investment and security, which worsened when Australia called for an investigation into the origins of COVID-19. This led to China imposing various trade barriers on Australian goods. The ongoing review of tariffs on wine and restrictions on lobster imports signifies a potential thawing of relations between the two countries.

Farrell revealed that the Chinese trade minister assured him that a review of the lobster restrictions is also underway. This indicates that China is open to reassessing its trade policies with Australia. The outcome of these reviews will be crucial in determining the future of trade relations between the two nations.

The upcoming reviews of tariffs on Australian wine and restrictions on lobster imports by China present a glimmer of hope for resolving the trade dispute between the two countries. The potential lifting of these barriers could pave the way for improved trade relations and cooperation in the future. It will be important to monitor the developments following the completion of the reviews to assess the impact on bilateral trade.

Economy

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