SYDNEY -- Amid deepening confusion over U.S.-China trade relations, Australia finds itself both hopeful and anxious as two of its most important trade partners exchange threats. While Australian wine producers will likely benefit from higher Chinese tariffs on U.S. goods, the country's iron ore and pork industries could be squeezed if trade tensions continue to escalate.
The U.S. imposed broad restrictions on steel imports in March, but "on its own, the tariff is a relatively small intervention, particularly in Asia," said Andrew Mackenzie, CEO of major iron ore exporter BHP Billiton.
