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China said it will impose retaliatory tariffs on Canadian rapeseed oil, pork and seafood imports as the trade war escalates.
The Treasury Department said in a statement Saturday that it will impose a 100% tariff on rapeseed oil, rapeseed powder and pea products, and a 25% tax on pork and some seafood imports. These changes will take effect on March 20.
Last year, Canada imposed a 100% tax on electric vehicles and 25% on China’s steel and aluminum. This led to an anti-dumping investigation by the Chinese government on Canada’s rapeseed oil imports and a complaint to the World Trade Organization to challenge the decision.
The government said the levy harmed the operations and investment of Chinese industry and “seriously violated” WTO rules.
Canada is one of the largest producers of rapeseed in the world, also known as rapeseed. Last year, almost all of the 6.39 million tons shipped to China’s Rapeseed to China came from Canada.
USDA forecasts show that China expects China to import about 1.75 million tons of rapeseed oil this season, but it brings a large number of crude oil species. China’s pork imports have declined in recent years as it competes with a weak economy to counter domestic oversupply.
Canada said in a press release signed by its three ministers that the tariffs were “unreasonable” and added that “the premise of not accepting China’s investigation and its findings.”
“As a trading partner, Canada demonstrates its commitment to ensure a level playing field for Canadian businesses and supports fair trade based on rules,” the release said. “This includes addressing China’s non-market policies and practices that can artificially reduce production costs and distort markets.”
U.S. President Donald Trump this week threatened his threats to impose Canada and Mexico on a full import tax and doubled existing charges against China. New U.S. tariffs – 25% tariffs on most Canadian and Mexican imports and raise allegations against China to 20% – imports are about $1.5 trillion per year.
China is very susceptible to the risk of a global trade war. Although the United States directly absorbs about 15% of China’s exports, more goods are shipped through Vietnam, Mexico and other countries.
Mexican President Claudia Sheinbaum said on Thursday that her country will review tariffs on Chinese goods. Canada’s Finance Minister Dominic Leblanc said in an interview with Bloomberg that Canada is ready to work with the White House to prevent China from “dumping into North American markets”.
With the assistance of Megan Durisin and Tian Ying.
This article was generated from the Automation News Agency feed without the text being modified.
