Australia to be exempt from China coal tax

MELBOURNE: Australian coal will be exempt from controversial new import tariffs imposed by China when the two countries sign a free trade pact, Treasurer Joe Hockey said, although the timing of a deal has yet to be finalised. Australia and China are trying to seal a free trade agreement (FTA) before the end of this year, in a bid to boost two-way trade already worth more than A$150 billion (RM430 billion). Beijing stunned Australia this month by imposing a three per cent tariff on coal used in steel mills and six per cent tariff on coal used in power stations, hitting A$9 billion worth of exports from Australian miners already reeling from a fall in prices. AFP