Madhya Pradesh News Tribune
Buisness

China’s trade ban backfired, no effect on Australia economy, see details

China’s policy of punishing Australia by putting economic pressure seems to be failing. Three years ago, due to the tension between the two countries, China imposed a trade ban on Australia. The reverse effect of this is visible on China. This was stated in a report by the Europe Asia Foundation.

The report released by the Europe Asia Foundation said that pressure on Australia was being created by China to harm its economy and change the national security policy. The decision to impose a trade ban by China was taken due to Australia joining the anti-China block.

China’s trade ban did not seem to affect Australia, but Beijing’s economy looked helpless. China was seen struggling to meet its needs. For this reason, China was allowed to import coal from Australia by relaxing the trade ban. China has imported 41.17 million tonnes of coal from Australia, a year-on-year increase of 151 per cent and the highest in the past three years, reported news agency ANI. The import of iron also saw a jump of 24.3 percent in March.

The import of coal, alcohol, barley and lobsters from Australia was banned under the trade ban imposed by China. At the same time, it has not had any significant impact on Australia’s economy. Australia has sought markets for coal exports in Europe, Malaysia, South Korea, Taiwan and Vietnam. Australia has been very vocal about the increasing influence of China in the Indo-Pacific. He has also been openly criticizing China on many forums.

Related posts

Royal Enfield Shotgun 650’s dimensions have been made public; its length will be smaller than those of the Super Meteor 650

After Musk’s takeover, 50% of environmentalists stopped using Twitter

State-Wise List of GSTAT Benches Announced by Finance Ministry for the GST Appellate Tribunal

The government extends the deadline for free Aadhaar card updates

Manu Sharma, the CEO of Nothing’s India, leaves the company: Here’s what he said

An Investor’s Guide to Indian Government Bonds: How Do I Invest?