Canada and China Strike Initial Trade Deal That Will Slash Tariffs On Electric Vehicles And Canola
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Canada will initially allow in up to 49,000 Chinese electric vehicles at a tariff of 6.1% on most-favoured-nation terms, Prime Minister Mark Carney said.
BEIJING, Jan 16 (Reuters) - Canada and China have struck an initial trade deal that will slash tariffs on electric vehicles and canola, Prime Minister Mark Carney said on Friday, as both nations promised to tear down trade barriers while forging new strategic ties.
The first Canadian prime minister to visit China since 2017, Carney is seeking to rebuild ties with his country’s second-largest trading partner after the United States following months of diplomatic efforts.
Canada will initially allow in up to 49,000 Chinese electric vehicles at a tariff of 6.1% on most-favoured-nation terms, Carney said after talks with Chinese leaders including President Xi Jinping. He did not specify a time period.
That compares with the 100% tariff on Chinese electric vehicles imposed by the government of former Prime Minister Justin Trudeau in 2024, following similar U.S. penalties. In 2023, China exported 41,678 EVs to Canada.
“This is a return to levels prior to recent trade frictions, but under an agreement that promises much more for Canadians,” Carney told reporters.
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