China hits Canada with anti-dumping probe on canola imports in response to EV tariffs
The Hindu
China plans anti-dumping investigation on Canadian canola amid trade tensions, impacting oilseed futures and global supply chains.
China said on Tuesday (September 3, 2024) it plans to start an anti-dumping investigation into canola imports from Canada, after Ottawa moved to impose tariffs on Chinese electric vehicles, lifting prices of domestic rapeseed oil futures to a one-month peak.
Canada has followed the lead of the United States and European Union, and announced last week a 100% tariff on imports of Chinese electric vehicles and a 25% tariff on imported steel and aluminium from China.
"China strongly deplores and firmly opposes the discriminatory unilateral restrictive measures taken by Canada against its imports from China despite the opposition and dissuasion of many parties," a commerce ministry spokesperson said in a statement.
The ministry said China will also initiate an anti-dumping investigation into some Canadian chemical products.
More than half of canola produced in Canada makes its way to China, the world's biggest oilseed importer. Canola, also called rapeseed for certain variants, is used as a cooking oil and in a wide range of products including renewable fuels.
China's rapeseed meal futures on the Zhengzhou Commodity Exchange jumped 6% to 2,375 yuan ($333.56) per metric ton following the announcement, hitting its highest since August 6.
The ICE canola contract for November delivery fell 4.7% to $586.8 per metric ton.
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