Posted on 19 Dec 2024
Canada is set to impose tariffs on a range of Chinese imports starting as early as 2025, according to the Ottawa government's 2024 Fall Economic Statement. This move is part of Canada's broader strategy to address what it sees as unfair trade practices by China, particularly concerning non-market behavior that causes harmful market distortions in Canada and North America, Mysteel Global learned from the statement.
Canada already has stringent tariffs in place on several Chinese products. Since October, a 100% tariff has been levied on Chinese-made electric vehicles, while a 25% tariff is applied to steel and aluminum products imported from China, as reported.
"The government is protecting Canadian jobs and industry against countries that do not play by the rules they have agreed to," the statement said.
In the latest statement, Canada revealed plans to extend tariffs to additional sectors. Starting early in 2025, certain solar products and critical minerals sourced from China will face new tariffs. Further ahead, Canada plans to impose tariffs on other key materials in 2026, including semiconductors, permanent magnets and natural graphite.
The statement did not specify the extent of the tariffs to be imposed or state which products would receive them, but said the government is expected to provide more detailed information on the tariff measures soon.
This latest round of tariffs reflects the growing tension between Canada and China over trade and market access, as well as Canada's alignment with broader North American trade policies that aim to reduce reliance on Chinese imports and promote regional manufacturing, Mysteel Global notes.
Source:Mysteel Global
