Xi Jinping and Scott Morrison (Images: AAP)

If you believe the media, China's attacks on Australian exports are a major crisis threatening to wreak havoc on companies and jobs.

Outlets like the Financial Review are regularly running op-eds urging Australia to cave in to China's bullying in the name of restoring good trade relations. There was great consternation when shares in Treasury Wine Estates fell 11.25% on Friday before a trading halt, in response to China's punitive tariffs on Australian wines under the guise of anti-dumping.

But don't forget: Treasury shares fell in late January, down from $17.30 on January 24 to $12.35 on January 29. This was not caused by Chinese tariffs, but by a profit warning because of weak sales in the US (the earlier than expected retirement of CEO Michael Clarke also added to the selling pressure).