China’s government has hit several Australian industries with economic sanctions, imposing hefty tariffs on Australian barley and wine exports while throwing up barriers to several other products including timber, lobster and coal. But it has typically not framed these decisions as acts of political retaliation.
What has China put tariffs on Australia?
On 19 May 2020 it imposed a combined 80.5% tariff on Australian barley, comprised of a 73.6% anti-dumping duty and a 6.9% countervailing duty. The Australian Government does not agree with China’s ruling on both dumping and subsidisation (Statement by Trade Minister, 20 May 2020).
What sanctions has China put on Australia?
China has singled out several Australian industries with economic sanctions since May last year, imposing hefty tariffs on Australian barley and wine exports, while throwing up barriers to other products including timber, lobster and coal.
What has China banned from Australia?
China last year imposed trade restrictions on Australian lobster, beef, cotton and timber exports, placed tariffs of up to 212 per cent on wine and 80 per cent tariffs on barley, and blocked coal and copper exports.
Why did China put tariffs on Australian goods?
“The recent spate of tariffs on Australian products indicate that the Chinese government intends to continue using trade as leverage to extract political concessions from the Australian government,” Chapman says.
Does Australia trade with China?
China is Australia’s largest two-way trading partner in goods and services, accounting for nearly one third (31 per cent) of our trade with the world. Two-way trade with China declined 3 per cent in 2020, totalling $245 billion (Australia’s global two-way trade declined 13 per cent during this period).
Will China stop trading with Australia?
China has “indefinitely” suspended key economic dialogue with Australia, the latest in a growing diplomatic rift between both countries.
What percentage of Australian exports go to China?
In the 2018-2019 fiscal year, China took in about 32.6% of all Australian exports — that is about 153.2 billion Australian dollars ($116.79 billion). By far the largest export was iron ore.
Does Australia have import tariffs?
Goods entering Australia may incur duty, GST, and/or additional charges. Customs duty rates vary and depend on factors such as type of goods and country of origin. Because of the preferential tariff arrangement under the AUSFTA discussed earlier, 99% of U.S.-origin goods enter Australia duty free.
How does trade with China affect the Australian economy?
Australia is estimated to have foregone export revenue of around US$4.9 billion (A$6.6 billion) over July 2020 to February 2021 as a result of China’s restrictions or discriminatory purchasing affecting eight key commodities – coal, copper ores and concentrates, frozen beef, wine, cotton, barley, rough wood and rock …
What products has China stopped buying from Australia?
Beijing has since taken several measures restricting Australian imports, ranging from levying tariffs to imposing other bans and restrictions. That has affected Australian goods including barley, wine, beef, cotton and coal.
What does China need from Australia?
Around half of that is iron ore, which fuels China’s insatiable need for steel to fuel its construction boom. The rest is mainly coal, gas, and agricultural products, plus substantial Australian earnings from Chinese students and tourists.
What would happen if China stopped exporting?
The result will be for China a loss of GDP that could go up to 15-20%. A disaster. It will cause a recession and damages on its domestic market (People will lose their job and buy less, so the market will shrink). For the US, it will affect the economy less.
Is Australia dumping wine on China?
Australia will file a formal complaint with the World Trade Organization (WTO) after China imposed up to 218% tariffs on its wine last year. China accuses Australia of a trade practice called dumping, which is illegal in international trade law. …
What percentage of Australian barley goes to China?
China’s portion of Australian grain exports has grown to around 20-25% of all grain exports, however this is expected to decline by around 7% of all Australian exports (a five-year average of around $A1.
Did Australia dump wine in China?
The final decision was made on March 26 after the result of the investigation suggested that there are dumping and subsidies on imported wine from Australia, which caused substantial damage to China’s domestic wine industry.