For years Australia’s farmers have pegged their future prosperity on the growing Chinese market, but those targeted by a barrage of trade sanctions are developing new trade ties.
- It is the first anniversary of Chinese trade strikes on Australian exporters
- The value of lost trade is estimated at $10 billion, but much has been offset
- Hopes for the normalisation of Australia-China trade ties are fading
Twelve months after Beijing kicked off rolling trade sanctions by slapping tariffs on barley, affected exporters are waking from their Chinese dreams and offsetting losses by trading with other countries.
The shift has prompted a leading Australian think tank to label Beijing’s strategic campaign of economic “coercion” against Canberra a failure.
“If China’s goals were to change Australian policy, inflict economic damage or to send a warning to third countries about crossing Beijing, then I think it’s safe to say China has basically been failing on…