China will impose a 25% tariff on Canadian seafood items starting March 20, affecting products such as lobster and shrimp. This decision, a reaction to Canada’s tariffs on Chinese goods, is projected to cost about $310 million based on 2024 estimates.

China’s State Council Tariff Commission has announced a 25% tariff on 49 Canadian seafood products, effective March 20. This new measure specifically targets items such as Greenland halibut, crab, lobster, and coldwater shrimp. The estimated cost impact of this tariff is approximately $310 million based on projections for 2024. This action is a direct response to Canada’s imposition of tariffs on Chinese goods.

In summary, the recent 25% tariff implemented by China on Canadian seafood signifies a significant trade retaliation amid ongoing tensions between the two nations. With a financial impact estimated at $310 million, this tariff affects several key seafood products including lobster and shrimp, indicating a notable shift in trade dynamics.

Original Source: www.undercurrentnews.com

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