News Snapshot:
The sanctions failed on three levels. First, the Chinese government’s efforts to pressure the Morrison government to back down on its public criticism of Beijing did not work. If anything, it rallied public support in Australia for policies critical of China and fuelled the perception that Australia’s biggest trading partner was being a bully. Second, the economic cost to Australia’s economy was milder than expected. Treasury estimates released last year by then-Treasurer Josh Frydenberg showed total exports of goods to China targeted by the trade sanctions fell by around $5.4 billion over the year to the end of the 2021...
