Australia-China Rift Spills Into Customs Delays For Treasury Wine Exports
Australia's Treasury Wine Estates Ltd, the world's biggest listed winemaker, said it faced delays getting some products through Chinese customs, sending its shares tumbling amid fears it may be affected by a diplomatic dispute.
Treasury Wine disclosed the issue as Australian Trade Minister Steve Ciobo began a China visit aimed at repairing ties with his country's largest trading partner after a recent souring in relations.
The company said in a market filing it was asking Chinese authorities about unspecified "new and additional verification requirements" for Australian-made wine since last month. The Chinese measures appeared to apply only to Australian products.
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