Sino-Australian diplomatic relations are spiralling downward. Already deteriorating prior to the pandemic, Canberra’s calls for an independent international inquiry into the origins of Covid-19 provoked an angry response from China. Increasingly negative rhetoric now risks spilling over into trade. Australia’s exports to China are huge. By value, China currently buys around a third of everything Australia sells overseas, and exports of the ‘big 3’ of iron ore, coal and LNG are surging. How might these sectors be impacted by political fault lines and what could this mean for both producers and buyers?