(CLO) On March 8, China announced tariffs on more than $2.6 billion worth of agricultural and food products imported from Canada, in response to tariffs imposed by Canada from October 2024.
The new tariffs, which will take effect from March 20, include a 100% tariff on more than $1 billion worth of canola oil, oilcakes and soybeans imported from Canada, along with a 25% tariff on $1.6 billion worth of pork and aquatic products, according to China's Ministry of Commerce.
Beijing accused Canada of violating World Trade Organization (WTO) rules and of being protectionist, marking a new development in a trade war that has largely revolved around US President Donald Trump’s tax policies.
Illustration: GI
Earlier in August last year, Canadian Prime Minister Justin Trudeau announced tariffs on Chinese electric vehicles, steel and aluminum to deal with overproduction due to Chinese state subsidies, a move similar to the US and the European Union.
In September, China responded by launching an anti-dumping investigation into Canadian canola, which accounts for more than half of Canada's canola exports and was worth $3.7 billion last year.
China made a similar move against Australia in 2020, imposing a series of trade bans in retaliation for Australia’s call for an investigation into the origins of COVID-19. Beijing only began to lift these restrictions in 2023, after a change in leadership in the Australian government .
China is currently Canada's second-largest trading partner after the United States, with Canada's total exports to China expected to reach $47 billion by 2024. The new tariffs could further exacerbate tensions between the two countries amid an increasingly complex global trade relationship.
Ngoc Anh (according to Business Times, Reuters)
Source: https://www.congluan.vn/them-cuoc-chien-thuong-mai-giua-trung-quoc-va-canada-cang-thang-leo-thang-post337615.html
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