In the latest update on the Aussie-China trade tussle, the Financial Times (FT) said, “Australian farmers have warned that the country’s trade dispute with China and supply chain disruptions linked to the coronavirus pandemic will cost the industry $28bn over the next decade.”
In doing so, the news piece also quotes Australia’s National Farmers’ Federation for their appeal to invest Australian dollar 3.5 billion (US$2.66bn) to support a trading strategy aimed at diversifying the nation’s export markets and improving supply chains.
It’s worth mentioning that the 18-month-long tussle among the great trading partners of the past has roiled Australian exports for wine, seafood and Barley to mark the major hit.
Following the news, AUD/USD fades bounce off intraday low of 0.7582 around 0.7595.
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