Shifting Trade Winds: China and Canada Adjust Agricultural and EV Tariffs
China's commerce ministry has announced adjustments to trade measures on Canadian canola and other agricultural imports. Concurrently, Canada plans to reduce tariffs on Chinese electric vehicles, offering a quota of 49,000 EVs with a 6.1% tariff. This quota will increase annually, fostering trade relations.
- Country:
- China
China's commerce ministry declared on Friday its plans to modify trade procedures regarding canola and other agricultural imports from Canada. However, specific details of these changes remain undisclosed.
In a statement released on its website, the ministry lauded Canada's move to reduce tariffs on Chinese electric vehicles as a step forward. This move includes an annual quota for 49,000 Chinese EVs, which will benefit from a reduced 6.1% most-favored-nation tariff.
The ministry further mentioned that this quota will expand annually by a certain proportion, signaling a positive shift in trade relations between the two countries.
(With inputs from agencies.)
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- China
- Canada
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- tariffs
- canola
- agricultural
- EVs
- quota
- electric vehicles
- commerce
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