Going, Going …

China is set to lift punishing tax tariffs on Australian produce.

In 2020, Down Under called for an investigation into the origins of COVID-19.

Addressing the 75th annual United Nations General Assembly via video link on 25 September 2020, then Prime Minister Scott Morrison said:

“This virus has inflicted a calamity on our world and its peoples. We must do all we can to understand what happened for no other purpose than to prevent it from happening again.”

Although no country was named, China bristled at the suggestion and unleashed a trade war which imposed 200% taxes on Australian coal, lobster, beef, wine, and more.

In 2022, Liberal Party Scott Morrison suffered a humiliating defeat at the general election which ushered in Labor Party’s Anthony Albanese.

One of the new prime minister’s goals was to improve relations with China. 

All that is now approaching a climax which will be announced this or next week.

Earlier this month, 11 March to be precise, Chinese Ambassador Xiao Qian said at Sydney’s Australian Financial Review Business Summit.

“Currently, Chinese authorities are reviewing and investigating our tariffs on Australian wine and things are moving on the right track, in the right direction.”

Get ready for lift-off!

BOTTLE SHOCK!

Australia is the world’s fifth-largest exporter of wine,  The industry is under immense pressure. Australia has more than 2 billion litres, or about two years’ worth of production, in storage since the middle of 2023. With China’s 200% duty on Aussie wine and the rest of the world in recession, some owners have been forced to dispose of the surplus wine at fire sale prices.

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