Australia’s trade war with China could very well extend into 2021, as the tiff has cost the OZ economy only $3 billion in its commodities sales last year, suggesting a relatively small impact, Bloomberg reports, citing China Customs data. Key takeaways “That’s the value of Australian exports lost in 2020 compared to the prior year, and covers commodities from copper and coal to wine and lobsters that are now subject to trade restrictions by Beijing.” “Beijing’s trade reprisals have stopped short of targeting the commodities most crucial to its own economy — iron ore and liquefied natural gas. They’re also Australia’s biggest earners.” China is Australia’s biggest trading partner and the diplomatic ties between the two nations have soured after Canberra barred Huawei Technologies Co. from its 5G network. Also, Australia strongly opposing China over the national security law in Hong Kong. Market reaction The aussie is under pressure so far this Friday, thanks to the downbeat Australian Retail Sales and broad US dollar rebound. At the press time, AUD/USD sheds 0.15% to trade at 0.7750. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next AUD/USD Price Analysis: Aussie drops to 0.7750, pausing three-day rally FX Street 2 years Australia’s trade war with China could very well extend into 2021, as the tiff has cost the OZ economy only $3 billion in its commodities sales last year, suggesting a relatively small impact, Bloomberg reports, citing China Customs data. Key takeaways “That’s the value of Australian exports lost in 2020 compared to the prior year, and covers commodities from copper and coal to wine and lobsters that are now subject to trade restrictions by Beijing.” “Beijing’s trade reprisals have stopped short of targeting the commodities most crucial to its own economy -- iron ore and liquefied natural gas. They’re also Australia’s biggest… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
