China Imposes Retaliatory Tariffs on Canadian Goods Amid Trade Tensions
China has announced retaliatory tariffs on Canadian agricultural products in response to Canada’s tariffs on Chinese goods. A 100% tax will be imposed on rapeseed oil and peas, while a 25% tariff will affect aquatic products and pork. This marks a significant step in escalating trade tensions between the two countries.
On Saturday, China declared retaliatory tariffs on certain Canadian agricultural products in response to Canada’s recent imposition of tariffs on Chinese imports. The new measures include a 100% tariff on Canadian rapeseed oil, oil cakes, and peas, alongside a 25% levy on aquatic products and pork imported from Canada. These tariffs are set to take effect on March 20, as announced by China’s Customs Tariff Commission of the State Council.
This development occurs within the context of an escalating global trade war, fueled by various tariff announcements from the United States, China, Canada, and Mexico in recent months. Specifically, Canada enacted a 100% import tariff on Chinese-made electric vehicles beginning October 1 of the previous year, following similar measures from the United States and the European Union, which were initiated due to concerns regarding unfair competition.
Moreover, on October 15, Canada introduced a 25% tariff on steel and aluminum imports from China, intensifying trade tensions between the two nations. In response, China’s customs authorities criticized Canada’s tariff measures, stating, “Canada’s unilateral imposition of tariffs disregards objective facts and World Trade Organization rules… constitutes a discriminatory measure against China.” These tariffs are deemed damaging to the economic and trade relations between China and Canada.
In summary, China’s announcement of retaliatory tariffs on select Canadian agricultural goods reflects the ongoing escalation of tensions in the global trade arena. Canada’s recent tariff actions on Chinese imports, notably electric vehicles and steel, have prompted this response. The situation highlights a significant rift in trade relations contributing to broader economic implications for both nations amidst an evolving global trade conflict.
Original Source: www.cnbc.com
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