Australian Trade Minister mulls WTO appeal against China barley tariffs
|Australia is mulling World Trade Organization (WTO) action on China’s decision to slap export tariffs on the country’s barley exports, Trade Minister Simon Birmingham said on Sunday.
Key quotes
“So now the WTO appeal for barley is the next step.”
“We are engaging there with the grains industry and other sectors to make sure we have strong industry buy-in.”
“I expect that is the process we will go through. I expect that will be the outcome. We are working through just exactly, how and when.”
Market reaction
The escalating trade tensions between Australia and China are limiting the upside in the AUD/USD pair. The aussie pares gains to trade below 0.7400, having faced rejection near multi-month highs of 0.7415 in early Asia.
The upbeat Chinese Manufacturing and Services PMIs failed to impress the AUD bulls. The spot was last seen trading at 0.7386, modestly flat on the day.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.