Treasury Wine says it will divert hundreds of thousands of cases of wine to other countries to avoid the hefty tariffs. March 2021: China finalises its investigation of Australian wine imports and raises the tariffs to as high as 218.4% for the next five years. August 2021: Treasury Wine's fiscal 2021 result recovers on strong performance in non-China markets but remains substantially below the 2019 record. January 2023: Australia files a written submission to the World Trade Organization (WTO) Dispute Settlement Body challenging the tariffs. THAWING OF RELATIONS October 2023: China agrees to conduct an expedited review of its duties on wine. Australia agrees to suspend its challenge with the WTO for five months. Treasury Wine shares jump 5%. March 2024: China's foreign minister Wang Yi visits Australia and New Zealand.