China confirms 80% tariff on Australian barley
|Early Tuesday morning in Asia, China’s Ministry of Commerce confirmed 80% tariffs on Australian barley for five years on anti-dumping grounds.
Key quotes
Anti-dumping tariff would be 73.6 percent.
While the anti-subsidy tariff would be 6.9 percent.
Will remain in place for five years.
FX implications
This becomes an additional burden, other than the early-month ban on Aussie meat from certain processors, from the largest Australian customer. As a result, AUD/USD pair drops to 0.6515 from 0.6520 after the news. Earier during the day, the markets kept the previous day's risk-on sentiment.
Read: AUD/USD: Bulls cheer risk-on sentiment above 0.6500, RBA minutes in focus
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