China suspends some agricultural tariffs on Canada after Carney visit

The suspension of some tariffs will begin on March 1 and last throughout the year. Read more at straitstimes.com.

BEIJING – China said on Feb 27 it would suspend some tariffs on Canadian agricultural products imposed during a trade spat between Beijing and Ottawa, after Canadian Prime Minister Mark Carney struck an initial deal with Beijing during a visit in January.

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 Mr Carney’s expectations. But the Chinese announcement made no mention of canola seed tariffs, which Mr Carney had previously said would be lowered by March 1.

Ottawa expected Beijing to lower canola seed tariffs to a combined rate of about 15 per cent from the current 84 per cent. A probe into Canadian canola is set to conclude on March 9, the Chinese commerce ministry has said.

“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 Ms Even Rogers Pay, director at Beijing-based consultancy Trivium China.

Canola oil and pork were also not mentioned in the statement. But Beijing could still announce further adjustments by the March 1 deadline previewed by Mr Carney.