In a bold move amidst escalating trade tensions, China announced on Tuesday that it will launch anti-discrimination investigations into Canada's recent tariff hikes on Chinese electric vehicles (EVs), steel, and aluminum products. 🚗🔍
The Ministry of Commerce stated that China is not taking these measures lightly. \"Despite opposition and dissuasion from various parties, Canada has imposed discriminatory unilateral restrictions on imports from China,\" a spokesperson for the ministry said. \"China is strongly dissatisfied and firmly opposed to this and plans to bring Canada's actions to the WTO dispute resolution mechanism.\"
But that's not all! China is also set to initiate anti-dumping investigations into rapeseed imports and related chemical products from Canada. 🌱🧐 According to the spokesperson, Canada's rapeseed exports to China have skyrocketed, reaching a whopping $3.47 billion in 2023—a 170% increase in quantity from the previous year, with prices dropping dramatically.
\"Affected by Canada's unfair competition, related domestic industries in China have been suffering continuous losses,\" the spokesperson added. \"China will, in accordance with domestic laws and regulations and in line with WTO rules, initiate an anti-dumping investigation into rapeseed imports from Canada.\"
Last week, Canada announced a 100% tariff on imports of Chinese-made EVs, following similar steps by the U.S. and the European Union. 🇨🇦⚡ It also plans to slap a 25% duty on Chinese steel and aluminum. The trade game is definitely heating up! 🔥
These moves by both nations signal a significant escalation in trade frictions between two major global players. For young entrepreneurs and investors keeping an eye on international markets, this is a story to watch closely. Stay tuned for more updates! 🌍📈
Reference(s):
China announces probes over Canada's tariff hike, certain products
cgtn.com
