Adds particulars and background on China anti-dumpi
Adds particulars and background on China anti-dumping investigation
March 29 (Reuters) – Treasury Wine Estates Ltd TWE.AX, the world’s largest standalone winemaker, mentioned on Monday that Beijing had imposed a ultimate mixed 175.6% anti-dumping and countervailing obligation price on its Australian wine imports into China, its largest market.
The ultimate resolution from China’s Ministry of Commerce, a bounce from the 169.3% imposed on Treasury Wine merchandise final November, got here into impact on Sunday and is relevant for no less than 5 years.
It follows an industry-wide anti-dumping investigation launched by Beijing final 12 months to look at any injury to the home wine {industry} from Australian wine imports.
To keep away from the hefty tariffs, Australia’s Treasury Wine had mentioned it could redirect its gross sales to the US, Europe and elsewhere in Asia.
The ultimate price, which is per the best attainable tariff that China imposed in its preliminary ruling, additional strains diplomatic relations between Beijing and Canberra, which soured after Australia known as for an impartial inquiry into the origin of the coronavirus pandemic.
Shares of Treasury Wine closed 1.4% weaker, after hitting their lowest since March 5 earlier within the session.
(Reporting by Soumyajit Saha and Nikhil Subba in Bengaluru; Enhancing by Peter Cooney and Sherry Jacob-Phillips)
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