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Buyer/Seller ratio quickly returned as well.

I expect the guidance will acknowledge the temporary nature of these tariffs (which people seem to forget) and will note improving trade relations. I honestly doubt the tariffs will be maintained - I feel that these measures are purely China trying to 'show off' what it can do if another nation attempts to challenge it.

I don't know about all of you but I have certainly observed a cooling in the number of threats made towards Australia by China since Trump left. Also, I do believe the WHO investigation (which seemed to be a primary catalyst for China's aggression towards us) found no conclusive evidence tying the outbreak to a lab in Wuhan. While we can question these results all we like the fact remains that this result has likely given the Chinese government a boost to its ego (which was threatened by this investigation) and thus, likely feel a lesser need to continue its aggression against Australian exporters. Of course, this is all speculation.

But I do believe Asia will be a huge market for many premium alcoholic beverage producers especially as average incomes in China have increased at a pretty much linear rate of 9-11% for more than a decade. The lack of a reduction in the growth rate (which should be expected due to the subsequent growth rate calculation coming from a larger base) indicates that this growth will not slow or discontinue any time soon - thus proving that this will be a significant growth market for most likely another decade.

Oh and another thing. I have also recently invested into A2M. In a similar way to how TWE is suffering local competition in the form of counterfeit products; A2M has been exposed to local competition producing almost replica dairy products. HOWEVER, Chinese consumers still purchase from A2M. Why? Well because they do not trust their own food and health standards, as a result of many scandals in the past. So, the Chinese consumer tends to prefer Australian/NZ food and beverage products over their own. In the case of TWE, I do not believe that most consumers will trust these substitute goods, especially when they are actually illegal already (so I doubt even the controversial food and health standards demanded by the Chinese authorities will be adhered to). The imitators can try all they like but we have to remember this is not a Gucci bag we are talking about. This is a beverage that will be consumed and thus, safety is a significant factor.