Chinese wine tariffs for Australia have been scrapped
Big news for Australian winemakers and owners, as the Chinese Ministry of Commerce (MOFCOM) announced that tariffs on Australian wine imports into China have been cut, effective 29 March 2024.
This news has already benefited Treasury Wine Estates, with their stock up 1.77% in this afternoon's trading session.
Treasury Wine's CEO, Tim Ford, commented:
"Today's announcement is a significant positive not only for Treasury Wine Estates, but also for the Australian wine industry and wine consumers in China. Since the tariffs were introduced three and a half years ago, our commitment to China has been resolute, and we now look forward to partnering with our local customers to re-establish our Australian COO portfolio in the market while continuing to be a meaningful contributor to the development and growth of the Chinese wine industry."
TWE is responding quickly to the news. Effective immediately, the company will commence partnering with its customers in China to implement the detailed plan outlined with its half-year results in February, as reported by Motley Fool.
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