China confirms 80% tariff on Australian barley

Anil Panchal FXStreet

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

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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