China Imposes Retaliatory Tariffs on Canadian Imports as Trade War Heats Up
China is set to impose tariffs on some Canadian goods in retaliation to Canada's levies on Chinese electric vehicles and metals, marking a further escalation in the global trade war. Beijing stated that it will impose 100% tariffs on rapeseed oil, oil cakes, and peas, alongside a 25% import levy on aquatic products and pork from Canada, effective 20 March. The move follows China's series of tariff decisions by US President Donald Trump last week, which doubled Chinese import levies to 20%.
- The escalating trade tensions between China and Canada highlight the complex web of supply chains that underpin global commerce, where even minor disputes can have far-reaching consequences for industries and economies worldwide.
- What will be the impact on Canadian farmers who rely heavily on exports to China, particularly in terms of job security and revenue stability?