China’s unofficial ban on Australian products fails to inflict significant damage
The damage from China’s unofficial ban on Australian products has largely been offset as businesses find new overseas markets for their goods. According to a report in the Lowy Institute’s TheInterpreter, the effect of China’s trade sanctions on Australia had been “completely swamped” by the booming iron ore trade. “The total economic impact of China’s trade coercion against Australia seems to have been quite limited thus far,” author Lowy Institute chief economist Roland Rajah wrote. He said only Australia’s wine industry had struggled to make up for its losses. Total beef exports were also down but this is more of a reflection of supply issues after years of drought. Last year China began blocking imports of Australian beef, coal and other products after Prime Minister Scott Morrison, with support from the United States, called for an inquiry into the origins of coronavirus.
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