China slaps temporary duties on Canadian canola in ‘gut punch’ move
Summary
China has imposed temporary anti-dumping duties of 75.8% on Canadian canola imports, escalating a trade dispute with Canada. This move significantly affects the canola trade, as China is the largest importer of this crop. The investigation into Canadian subsidies will end in September 2024, which may result in a different decision.Key Facts
- China announced a temporary 75.8% duty on Canadian canola imports.
- The new duties start on Thursday, according to China's Ministry of Commerce.
- This trade action follows an ongoing dispute after Canada imposed tariffs on Chinese electric vehicles in August.
- Canola futures prices fell sharply by 6.5% after the announcement.
- China is the largest buyer of Canadian canola, primarily used for animal feed.
- The investigation into Canadian government subsidies for agriculture will conclude by September 2024.
- China has also launched an anti-dumping investigation into Canadian pea starch.
- Australia might fill the supply gap left by Canada if it regains access to the Chinese market.
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