pondered earlier this month whether Australian coal might face "bureaucratic delays" at Chinese ports following the country's "Huawei moment." This is what Every said two weeks ago:

Billionaire political donor Huang Xiangmo, Beijing's former top lobbyist/fixer in Australia has just had his long-standing application for Aussie citizenship rejected and his permanent residency cancelled while travelling overseas, leaving him stranded and locked out of his USD10m Sydney mansion. The citizenship application refusal apparently comes on both character grounds and concerns about the reliability of his answers in interviews and correspondence with authorities including ASIO, the Australian intelligence service. Note that Mr. Huang has donated AUD2.7m to both major political parties over the last five years and also funds former foreign minister Bob Carr’s Sydney think tank - Carr himself havingwill be felt, not only by the country's miners, but by the broader Australian economy, and as economist Robert Rennie notes, a ban would have a major impact on Australian exports as 22% of Australian coking coal exports in 2018 went to China (39mt). 24% of Australian thermal coal exports in 2018 went to China (49mt).

... which is why the Aussie, and shares of Australian miners, tumbled on the news...

... while the Chinese Yuan dropped as well, which prior to the report had hit a 7 month high.

Meanwhile, shares of Chinese coal miners climbed.

Which brings us to our next point. Aside from showing the international community what they stand to lose if they side with the US in the dispute over Huawei (the DOJ recently filed two criminal