In a dramatic escalation of the ongoing trade war, the Chinese mainland has announced new tariffs on Canadian agricultural and food products. This move comes as a direct response to Canada following the United States' lead in imposing tariffs on Chinese goods.
Effective March 20, the tariffs include a staggering 100 percent duty on Canadian rapeseed oil, oil cakes, and pea imports, and a 25 percent tax on Canadian aquatic products and pork. 🥩🌾
China's Ministry of Commerce labeled Canada's 100 percent tariff on Chinese electric vehicles (EVs) and the 25 percent levies on aluminum and steel products as discriminatory and in violation of World Trade Organization (WTO) rules. They argue that these measures disrupt normal trade flows and harm the legitimate interests of Chinese businesses.
"What has the U.S. gained from its trade wars?" Chinese Foreign Minister Wang Yi questioned at a recent press conference. He emphasized that China-US economic and trade relations have been mutually beneficial and warned that if the U.S. continues its protectionist tactics, China will respond with firm countermeasures.
This latest countermeasure arrives as Canada grapples with escalating trade tensions with its largest trading partner, the United States. Canadian media, including The Globe and Mail, have voiced strong support for Ottawa to stand firm against what they describe as President Donald Trump's "erratic tariff maneuvers." They argue that the recent 25 percent tariff on imports is a deliberate strategy to sow instability and project power, rather than a mere negotiating tactic.
As this trade war unfolds, global markets remain on edge, with stakeholders from around the world watching closely to see how these tit-for-tat measures will impact international trade and economic relations. 🌏💼
Reference(s):
China announces retaliatory tariffs on Canada amid broader trade war
cgtn.com
