China Imposes Retaliatory Tariffs on Canadian Imports Amid Trade Tensions
China has announced retaliatory tariffs on Canadian farm and food imports, effective March 20, as a response to Canada’s tariffs on Chinese electric vehicles and metals. The duties include 100% tariffs on rapeseed oil and additional tariffs on pork and aquatic products. This move exacerbates existing global trade tensions, particularly with the United States.
On Saturday, China declared retaliatory tariffs on specific Canadian farm and food imports, following Canada’s decision to impose high tariffs on Chinese-made electric vehicles, as well as on steel and aluminum products in October. These tariffs are set to take effect on March 20, as confirmed by China’s Customs Tariff Commission of the State Council.
The newly introduced tariffs will include a staggering 100 percent duty on Canadian rapeseed oil, oil cakes, and peas, along with an additional 25 percent tariff on pork and aquatic products, as reported by The Independent. This development exacerbates the existing global trade tensions, particularly with the United States imposing tariffs on goods from Canada, Mexico, and China.
Chinese authorities assert that these tariffs are a direct response to Ottawa’s prior tariffs on Chinese imports last October. In that instance, Canada implemented a 100 percent surcharge on Chinese electric vehicles and a 25 percent tariff on steel and aluminium imports, contributing to the escalating trade conflict.
Officials in China have emphasized that the tariffs were introduced only after numerous diplomatic efforts to resolve the issue were ignored. A official statement noted, “Despite China’s repeated opposition and dissuasion, Canada has taken unilateral restrictive measures… undermining China-Canada economic and trade relations.”
Furthermore, the Chinese customs authorities indicated that their decision followed an anti-discrimination investigation that identified how Canada’s measures disrupted normal trade and infringed upon the rights of Chinese enterprises. Canada’s tariffs were introduced last August in line with similar measures taken by the US and the European Union against Chinese-made electric vehicles.
The ongoing trade dispute reflects broader issues surrounding perceived unfair advantages held by Chinese industries due to government subsidies. Both Canada and China find themselves contending with heightened tariffs stemming from US trade policies, further complicating their economic landscapes.
In summary, China’s retaliatory tariffs on select Canadian farm and food products underscore the escalating tensions stemming from Canada’s previous imposition of tariffs on Chinese imports. This development highlights the intricate dynamics of international trade relations, particularly involving the ongoing trade wars influenced by US policies. As both nations navigate these challenges, the effects on their respective economies and diplomatic relations remain to be seen.
Original Source: www.firstpost.com
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