China-Australia relations: Treasury Wine Estates takes hit from Chinese import duties as share price plummets

Summary:
[unable to retrieve full-text content]Australia’s top selling wine company and owner of the popular Penfolds label, Treasury Wine Estates, suffered an 11.25 per cent hit to its share price on Friday morning after China’s commerce ministry announced temporary anti-dumping duties on Australian wine imports from Saturday.The duties will range from 107.1 to 212.1 per cent, China’s Ministry of Commerce announced on Friday, with Treasury Wines due to face a 169.3 per cent tax.Sales in Asia, mainly China, made up around half of Treasury…

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