FX

Australian Trade Minister Tehan: To decide ‘very shortly’ on WTO action against wine tariffs with Beijing

With the Australian-Sino relations on tenterhooks, the OZ Trade Minister Dan Tehan said that his government is legally preparing itself before asking the World Trade Organization (WTO) to resolve its wine-tariff trade dispute with Beijing, per South China Morning Post (SCMP).

Key takeaways

The WTO action was “under active consideration” and Australia would be “making a decision very shortly.”

“You’ve got to make sure that you’ve got the very best legal argument and the very best legal case to do that, so we want to make sure we’ve done everything we can to show the strength of our case.”

“Want to reach ‘end game’ in free trade agreement talks with the European Union this year.” 

It’s worth noting that China in March imposed tariffs of up to 218% on Australian wine for five years, formalizing curbs that had been in place for months amid an increasingly fraught relationship with Canberra.

Market reaction

AUD/USD is side-lined just below 0.7700, biding time ahead of the critical FOMC event after Tuesday’s fall.

Articles You May Like

Forex Today: US Federal Reserve ready to pivot, US Dollar sunk
Singapore’s PropertyGuru slips back into the red with $5.3 million net loss for the third quarter
Whats on the economic calendar in Asia for 25 November 2022 – Japan inflation indicator
Some tentative signs of slowing inflation in Europe
10K daily using Jackpot intraday trading strategy

Leave a Reply

Your email address will not be published. Required fields are marked *