[Guerra commerciale Cina-Australia]Australia Fuyi Sells Wine to Other Countries to Avoid High Chinese Tariffs-Hong Kong Economic Times-China Channel-Economic Pulse

The largest listed wine company in the world, TWE Wine Group of Australia (TWE) said Monday it will ship hundreds of thousands of boxes of wine originally destined for China to other countries to avoid paying high tariffs.

China’s Ministry of Commerce has announced that it will charge a 169.3% deposit for the company’s wine products as a temporary anti-dumping measure. TWE said it will switch its Penfolds wine from China to sell it to the US, Europe, other regions of Asia and the domestic market. This indicates that Australia’s largest exporter of consumer goods to China will have to reformulate its strategy overnight.

TWE CEO Tim Ford added that some of the wines that will be resold are already in Shanghai ports. The company added that a quarter of its high-end Penfolds will be affected by remarketing, accounting for about a third of its corporate profits in China.

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The Australian government has previously said it could appeal to Chinese tariffs in the World Trade Organization (WTO). Australian Commerce Minister Simon Birmingham predicts Australian winemakers will experience terribly hard times before the problem is solved.

A China Daily op-ed over the weekend said tariffs should not be misinterpreted as a sign of trade war and Australia must take further action to repair relations with China. Ford said in a statement that Fuyi Wine Group will cooperate with the Chinese investigation, but called on the government to show strong leadership to find a way forward.

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Responsible Director: You Haoyun

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