TWE imports into China delayed as tensions with Australia grow

Treasury

It's the latest Australian company to identify issues with exports to the growing Asian power.

"Australians are not making gains at the expense of Chinese, and Chinese are not making gains at the expense of Australians".

Nervous investors pushed Treasury Wine shares down as much as 12 percent, their biggest fall since 2014.

His muscular response had the desired effect - the stock, which had plunged as low as A$15.64 in early trading, clawed back more than half its losses to close at A$16.90, down 6 percent for the day.

Ciobo's three-day visit to Shanghai is part of Canberra's efforts to protect access to a market for everything from iron ore to baby formula, analysts said. Chief Executive Officer Mike Clarke rescued nearly A$1 billion ($753 million) of market value in 51 minutes with a hastily mounted defense of the company's business in China.

China responded with a formal protest and has reportedly withheld visas for Australian government officials, jeopardising a biennial trade fair and sparking fears the row could escalate and further threaten economic ties.

Prime Minister Malcolm Turnbull backed Bishop, telling reporters the column is "utterly wrong".

Overall Australian wine exports to China grew by almost two thirds in 2017, according to government data, making the wine industry one of the biggest beneficiaries of a 2015 free trade agreement between the countries.

Turnbull said last month that "there is certainly some tension" in the bilateral relationship over his government's proposed legislation to ban foreign interference in Australian politics.

"Now it is imposing regulatory barriers without contravening the free trade agreement", said Nick Bisley, an expert on global relations at Melbourne's La Trobe University, referring to the 2015 trade deal.

"Now it is imposing regulatory barriers without contravening the free trade agreement".

"We are going to see more of this and this will be the worst the relationship has been since diplomatic relations began", Bisley added.

The trade minister's comments follow a call by former Australian ambassador to China, Geoff Raby, for Foreign Minister Julie Bishop to be sacked for angering China with her criticisms of its activity in the South China Sea and claiming China was unfit for regional leadership.

The United States and China resume trade talks on Thursday over tens of billions of dollars in tit-for-tat tariffs.

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