We do business with China on grounds of mutual respect only; if Twiggy wants to run off and be a political mouth piece for China, that is his prerogative as a wealthy man; but he is in the minority in WA.
China will dump all the iron ore contracts when they think they don't need Twiggy anymore. You watch, all the iron shipments will cease, once China think they have enough to last; they will not give a rats about Twiggy.
