While China’s tariffs hit Treasury hard two years ago, stock markets are now speculating those duties could be wound back next year.Shares in Australia’s biggest wine company Treasury Wine Estates have rebounded strongly on speculation that wine exports could resume to China earlier than expected as Australia’s relations with China thaw under the Albanese Government.While Australia has objected to the duties imposed on wine tariffs to the World Trade Organisation (WTO) in 2021, the WTO is not expe

cted to issue a final decision to the parties before mid-2023.         But it is possible that the WTO panel might find in favour of Australia, according to Ron Sargeant, investment analyst with Touchstone Asset Management.Since its 2022 lows, Treasury has successfully worked on selling its wine in other export markets.         Treasury is hoping that a new strategy to produce wine in China and sell it in France and the US will help to rebuild its Chinese business.         Last month, the company launched a new China-made red blend priced at 228 yuan a bottle aimed at urban, Gen-Z consumers in China, branded “One by Penfolds”.