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China's Tariffs Hit Canadian Goods: A $3.7 Billion Blow
China has implemented retaliatory tariffs on Canadian goods worth $3.7 billion, escalating trade tensions between the two nations. The new levies, effective March 20, target key Canadian exports, including rapeseed oil, peas, aquatic products, and pork. These tariffs impose a 100% surcharge on rapeseed oil and peas, while aquatic products and pork face a 25% duty.
The move follows Canada's imposition of tariffs on Chinese electric vehicles, steel, and aluminum products in October 2024. Beijing has criticized these measures as discriminatory and a violation of World Trade Organization rules.
Canadian industry leaders have expressed concern over the economic impact, particularly on the agricultural sector. Chris Davison, President of the Canola Council of Canada, described the tariffs as "devastating" for farmers and the broader value chain. The federal government has announced measures to support affected industries, including $1 billion in financing for the agriculture and food sectors.
This development underscores the growing strain in Canada-China trade relations, with both sides urging diplomatic engagement to resolve the dispute.
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