Which ASX shares will China ‘punish’ next?

Unfortunately several Australian industries have copped tariffs from China this year, devastating companies that rely on export income from the world’s biggest population.

According to trade experts, Beijing is retaliating against Australia‘s calls for an investigation into the origins of COVID-19, attention on human rights cases in Xinjiang and condemnation on its suppression of free speech in Hong Kong.

“China seems determined to punish Australia and make it an example to other countries,” Lowy Institute senior fellow Richard McGregor told Bloomberg last month.

“They want to show there’s a cost for political disagreements.”

The fortunes of Treasury Wine Estates Ltd (ASX: TWE) is the most prominent example. The…