China Says ‘Positive Outcomes’ on Australia Wine Levies Are Near
- Shares of Treasury Wine Estates jump the most since early 2022
- Ambassador Xiao speaks to reporters in Canberra after an event
Wine barrels and pallets of bottles stacked at a winery in the Yarra Valley, Victoria, Australia.
Photographer: James Bugg/BloombergThis article is for subscribers only.
China signaled possible progress on resolving a dispute with Australia on punitive wine tariffs as relations between the trading partners continues to thaw. Penfolds-maker Treasury Wine Estates Ltd. surged.
Beijing and Canberra have agreed to engage with each other over the tariffs, Chinese Ambassador Xiao Qian told reporters after an event on Wednesday. The levies, some as high as 200%, were imposed in 2020 and Australia has taken China to the World Trade Organization over the measures.