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Early Tuesday morning in Asia, China’s Ministry of Commerce confirmed 80% tariffs on Australian barley for five years on anti-dumping grounds.

Key quotes

Anti-dumping tariff would be 73.6 percent.

While the anti-subsidy tariff would be 6.9 percent.

Will remain in place for five years.

FX implications

While being an additional burden, other than the early-month ban on meat, from the largest Australian customer, the news weighs on the AUD/USD pair that drops to 0.6515 from 0.6520 by the press time.