Treasury Wine Retreats From China After Crippling 169% Tariffs
- Company sees Chinese demand ‘extremely limited’ amid duties
- Treasury must find new home for a quarter of Penfolds volume
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Treasury Wine Estates Ltd. unveiled an emergency plan to find new markets for its best-known labels after China imposed crippling anti-dumping duties of 169% on its wine over the weekend.
In a statement Monday, Melbourne-based Treasury said demand in China will be “extremely limited” while the taxes are in place. All told, the company needs to find a new home for one quarter of its annual global Penfolds volume. The plan to diversify away from the world’s biggest buyer of Australian wine will take years to bear fruit.