(Bloomberg) -- China started an anti-dumping investigation into Australian wine, the Ministry of Commerce said in a statement Tuesday.
The probe would normally finish within a year, but can extend to Feb. 18, 2022, according to the statement. The investigation applies to wine sold in containers holding two liters or less.
Australia’s China Ties Fray Even as Two-Way Trade Booms
Relations between Canberra and Beijing, which have close economic ties, have grown increasingly frayed in recent months. Following an Australian demand earlier this year for China to allow international investigators to probe the origins of Covid-19, China halted some beef imports and then placed tariffs on Australia’s barley exports in May after the conclusion of earlier anti-dumping probe.
Shares of an Australian wine maker tumbled on the news. Treasury Wine Estates (OTC:TSRYF) Ltd. fell as much as 14.3%, the most since Jan. 29, while Australia’s benchmark index advanced.
(Adds share market reaction in fourth paragraph. The date barley tariffs began was corrected in an earlier version of this story.)
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