Penfolds Maker Plans to Divert Wines to China Should Tariffs End

00:00

00:00/00:00

Listen to this article 1x

Beijing is conducting a review into the tariffs on Australian wine and it’s widely expected those levies will be removed next month. Photo: Bloomberg

(Bloomberg) — Treasury Wine Estates Ltd. is planning to reallocate a portion of its Penfolds Bin and Icon wines from other global markets to China once Beijing lifts crippling tariffs on Australian exports.

China remains the single greatest opportunity for the company should it reopen its doors to Australia, CEO Tim Ford said during an investor call Thursday for the company’s first-half report. The market accounted for about 30% of Treasury’s earnings prior to the implementation of levies.