Canada Signs New Deals With China After Trump Drops Trade Demand
Summary
Canada and China signed agreements to deepen financial cooperation and extended an existing trade arrangement through 2028. The deals come as Prime Minister Mark Carney seeks to diversify Canada’s trade while Ottawa manages tariff disputes with the United States.Key Facts
- Canadian and Chinese officials held negotiations in Vancouver, including Finance Minister François-Philippe Champagne, Trade Minister Maninder Sidhu and Chinese Vice-Premier He Lifeng.
- Three agreements cover cooperation between the countries’ finance ministries, financial regulators and central banks.
- The countries welcomed progress on a bilateral currency-swap arrangement and agreed to pursue greater access to each other’s financial-services markets.
- China will continue applying lower tariffs to some Canadian goods, including canola meal, peas, lobster and crab, through the end of 2028.
- Canada will continue allowing certain Chinese steel and aluminum products into the country without additional tariffs.
- Mark Carney said Washington withdrew a proposal that would have given the United States final approval over Canadian trade agreements with other countries.
- The meetings followed Carney’s January visit to Beijing, where he and Chinese President Xi Jinping announced a renewed strategic partnership.
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