? New Tariffs on Chinese Products in Canada! ???
Canada is introducing additional 100% tariffs on electric vehicles produced in China and 25% tariffs on imports of steel and aluminum from the country. Prime Minister Justin Trudeau announced these changes during a government meeting in Halifax, emphasizing that they aim to „level the playing field for Canadian workers” and support the domestic automotive sector.
Key Details:
- October 1, 2024: The new tariffs will apply to all Chinese electric vehicles and hybrids, including cars, buses, trucks, and delivery vehicles.
- October 15, 2024: The additional tariffs on Chinese steel and aluminum imports will take effect.
This decision responds to concerns that, after similar tariffs were introduced by the EU and the USA, Chinese exports might be redirected to the Canadian market.
Vehicle production in Canada supports over 125,000 jobs, and the country has been heavily investing in the electric vehicle sector, with over CAD 46 billion committed since 2020.
China’s EV sector is strongly backed by government subsidies, making it the world’s largest producer and exporter of electric vehicles. In 2023, China’s EV exports were valued at CAD 47.2 billion, a significant increase from CAD 0.2 billion in 2018.
These measures are significant steps towards protecting the Canadian market and promoting domestic production in the face of growing Chinese competition.
