Commentary Australia’s Treasurer is doing something unconventional for treasurers and finance ministers of countries that have extensive trade with China. He’s warning his business community about increased dependence on the authoritarian country, and encouraging them to trade elsewhere due to the likelihood of increased future tensions. Treasurers are usually the last to advise against trade with any country, as that trade often brings lower consumer prices, in the short term, higher GDP, and much-needed government revenue. Usually overlooked are the employment disjunctions, supply-chain dependency, and greater vulnerability to market fluctuations that often accompany such trade. Australia is particularly prone to a pro-China trade stance, as its exports to the country have steadily increased since 2015, and by 2019-2020 were A$150 billion. Australia’s exports of iron ore to China increased exports generally to A$19.4 billion in July, an increase of 72 percent from the prior July. These increasing exports are particularly …
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