"China will suspend 100 per cent tariffs on Canadian canola meal and pea imports and will halt 25 per cent tariffs on lobster and crab imports from March 1 through the end of 2026, the finance ministry said in a statement. The outcome broadly aligns with Carney's expectations."
"One thing we do know is that Chinese buyers have been booking Canadian canola cargoes for March already. That gives me a pretty high degree of confidence that they're going to follow through on the reduced tariff rate, said Even Rogers Pay, director at Beijing-based consultancy Trivium China."
"The suspensions come amid a wave of visits to Beijing by Western leaders as U.S. President Donald Trump's trade policies have strained Washington's traditional alliances. China has sought to present itself as a more stable and reliable economic partner in contrast."
China announced suspension of 100 percent tariffs on Canadian canola meal and pea imports, along with 25 percent tariffs on lobster and crab imports, effective March 1 through end of 2026. The agreement resulted from Canadian Prime Minister Mark Carney's January visit to Beijing. However, canola seed tariffs were not addressed in the announcement, despite Carney's previous expectations for reductions from 84 percent to approximately 15 percent by March 1. A Chinese commerce ministry probe into Canadian canola concludes March 9. Industry analysts express confidence Chinese buyers will follow through on reduced tariff rates, as they have already begun booking Canadian canola shipments for March. Canola oil and pork remain unmentioned. The tariff suspensions reflect China's broader strategy to position itself as a stable economic partner amid U.S. trade tensions.
#china-canada-trade-relations #agricultural-tariffs #trade-negotiations #canola-market #geopolitical-trade-strategy
Read at www.cbc.ca
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