World's largest wine maker to redirect wine, cut costs after China tariffs

Bottles of Penfolds Grange wine and other varieties, made by Australia's Treasury Wine Estates, sit on shelves for sale in Sydney. - Reuters

SYDNEY: Treasury Wine Estates Ltd said on Monday it would redirect some wine intended for China and cut costs after Beijing imposed anti-dumping tariffs on Australian wine, dealing a significant blow to the world's largest listed winemaker.

The company said it would relocate Penfold's Bin and Icon luxury range of wines from China to other markets such as Australia, the United States and Europe. It added that future vintage intakes from 2021 would also be reduced.