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Australia’s treasurer says economy must diversify and rely less on China
ustralia must diversify its economy to rely less on China, its largest trading partner, Treasurer Josh Frydenberg said on Monday, as he warned businesses to brace for new tensions with Beijing. Australia’s relations with China soured after it banned Huawei from its 5G broadband network in 2018 and cooled further after Canberra called for an independent investigation into the origins of Covid-19, first reported in China last year. Beijing responded by imposing tariffs on Australian commodities, including barley, wine and grapes. “It is no secret that China has recently sought to target Australia’s economy,” ... (full story)