🇨🇦🇨🇳 Canada–China Reach Preliminary Trade Deal: Tariffs Eased on Key Goods
Canada and China have reached a preliminary agreement 🤝 aimed at easing trade tensions by lowering tariffs on select goods. Under the deal, Canada will allow 49,000 Chinese electric vehicles 🚗⚡ into its market each year at a reduced 6.1% tariff, a sharp drop after tariffs were raised to 100% in October 2024 in alignment with the U.S.
In return, China will significantly cut tariffs on Canadian agricultural exports 🌾🛢️. Duties on canola seed oil will fall to 15% from 85% starting March 1, while other products such as canola meal, lobsters, crabs, and peas 🦞🦀🌱 will remain free from anti-discrimination tariffs until at least the end of 2026.
Prime Minister Mark Carney stated the move helps resolve issues that have built up over recent years and emphasized the deal is fully consistent with CUSMA 📜.
The agreement comes amid ongoing trade pressures, including U.S. tariffs of up to 35% on certain Canadian goods 🇺🇸📦, highlighting Canada’s effort to rebalance global trade relationships.
🌍💼 A strategic reset with long-term implications for trade, agriculture, and the EV market.
#Carney #Canada #SouthKoreaSeizedBTCLoss
