Australia's Treasury Wine looks to rebuild China business after tariff review

© Reuters. FILE PHOTO: Bottles of Penfolds Grange, a Treasury Wine Estates brand, on sale at a wine shop in Sydney, Australia, August 4, 2014. REUTERS/David Gray/File Photo) said on Monday it is well placed to rebuild its business in China, should tariffs by China of the country's wine be removed, as signalled by the Australian government on Sunday.

"Should tariffs be removed, these measures will be implemented sustainably and with the aim of growing the business in China," the company said in a statement. In February 2021, the company had planned a major overhaul of its business as it came under pressure from tariffs imposed by China on Australian wine, which included the likely sale of low priority brands and other assets.

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