Summary
Canada and China have agreed to reduce tariffs on electric vehicles (EVs) and canola. This deal aims to boost trade by removing some of the barriers that previously existed between the two countries. Prime Minister Mark Carney announced the agreement during his visit to Beijing.
Key Facts
- Canada and China made a trade deal to lower tariffs on electric vehicles and canola.
- The agreement was announced by Canada's Prime Minister Mark Carney while visiting Beijing.
- Canada will allow up to 49,000 Chinese electric vehicles at a reduced tariff rate of 6.1%.
- Previously, Canada imposed a 100% tariff on Chinese electric vehicles during Justin Trudeau's government.
- China plans to reduce tariffs on Canadian canola seed to about 15% by March 1.
- The new arrangement will help Canadian farmers and businesses by opening up nearly $3 billion in export orders.
- China agreed to re-establish high-level economic talks and collaboration in areas like agriculture and green energy.
- The deal includes potential for increased Chinese investment in Canada’s auto sector.
