China lifts penalties on Australian wine after more than three devastating years

Hong Kong CNN — China has announced it is lifting punishing tariffs on Australian wines more than three years after imposing penalties that devastated the industry and were a major point of friction between the trading partners. China's Ministry of Commerce on Thursday said that "in view of the changes in the wine market conditions in China," it was "no longer necessary to impose anti-dumping duties and countervailing duties on imported wines originating from Australia." The measure would come into effect on Friday, two days before the end of a five-month review period agreed on by Canberra and Beijing that…