China Attacks Australian Farming Sector; Impact Seen on Shares as Market Open

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China Attacks Australian Farming Sector; Impact Seen on Shares as Market Open

China, after banning import from 4 slaughterhouses in Australia has now attacked Australian farming which impacted Australian agriculture stock with the market open on 13 May 2020. As a result of rising tension between China and Australia, China proposed crippling tariffs on barley imports. Australia exports two-third of its production and out of this one-third is being exported to China.

The shares of companies from agriculture industry like GrainCorp Limited (ASX:GNC) and Australian Agricultural Company Limited (ASX:AAC) have dropped 2.703% and 2.404% respectively.

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