Chinese 100, 50, 20, 10 and 5 yuan bills and Russian 1,000 and 100 ruble bills - Sputnik International, 1920
Get breaking stories and analysis on the global economy from Sputnik.

China Wins Over Australia in WTO Trade Dispute on Steel Tariffs

© Sputnik / Evgeny Biyatov / Go to the mediabankSteel bars
Steel bars  - Sputnik International, 1920, 27.03.2024
China has emerged victorious in a nearly three-year dispute with Australia at the World Trade Organization over tariffs on steel products, with Australia's trade minister announcing that his government accepts the ruling.
The Australian government has conceded defeat to China at the World Trade Organization (WTO) after a three-year standoff over tariffs on steel products.
Australian Trade Minister Don Farrell in a statement on Wednesday that “Consistent with Australia's support for the rules-based trading system, the Australian Government accepts the ruling of the WTO panel."
"Australia will engage with China and take steps to implement the panel's findings,” Farrell stated. “Australia remains committed to a fully functioning WTO dispute settlement system so that the rights and obligations of all WTO members can be enforced.”
Tuesday's WTO panel ruling on the case in Geneva, Switzerland, found that Australia’s Anti-Dumping Commission had acted inconsistently with articles of the anti-dumping agreement.
Beijing filed a complaint with the WTO in June 2021 against Australia's imposition of additional duties on steel products imported from China, such as train wheels, stainless steel sinks and wind turbine towers, which accounted for a trade value of A$62 million (US$40.4 million) in 2022.
The trade tariff dispute between Beijing and Canberra began in 2020. China warned of economic consequences after Australia's then-Prime Minister Scott Morrison joined US-led demands, in late April of that year, for an inquiry into the origins of COVID-19 Washington insisted begun in Wuhan.
A person gets out of the World Trade Organization (WTO) headquarter in Geneva (File) - Sputnik International, 1920, 19.06.2021
Australia to Complain to WTO About China's Tariffs on Australian Wine, Trade Minister Says
In May 2020, the Chinese government slapped major tariffs on Australian barley exports, including a 73.6 percent anti-dumping tariff and a 6.9 percent anti-subsidy tariff, following a 16-month investigation into alleged dumping activities by Australia.
Later, in late November 2020, the Chinese Ministry of Commerce announced tariffs reaching up to 212.1 percent on Australian wine imports after a probe into purported dumping practices which was requested by Chinese winemakers.

“Australian and Chinese economies are interconnected," Tom Harper, an Assistant Professor at Neijiang Normal University, told Sputnik at the time. "So for example, 39 percent of Australia's overall exports go to China, as well as about a third of tourist spending in Australia comes from Chinese tourists, and also nearly a third of foreign students in Australia are from China."

"One of the implications is that it's very much reliant on Chinese trade, so it's a contradiction here," Harper added "On the one hand, they are reliant on China for economics, but on the other for political and security factors, they are aligned with the United States.”
The 2020 tariffs inflicted an estimated cost of AU$20 billion ($13 billion) on the Australian economy.
The election of current Australian PM Anthony Albanese in 2022 was followed by improved Beijing-Canberra ties, with China gradually lifting trade sanctions on Australian exports, including barley, timber and coal. But tariffs on certain items, such as abattoirs, rock lobster and wine are still in place.
In April 2023, Australia moved to address trade disputes with China by suspending a complaint lodged with the WTO to regain access for Australian barley into the Chinese market.
They also halted another dispute regarding sanctions on Australian wine, valued at around AU$1.1 billion ($720 million). These actions were perceived as efforts by the Australian government to improve diplomatic ties with Beijing.
To participate in the discussion
log in or register
Заголовок открываемого материала