From October… 25% for steel and aluminum
China opposes “impeding economic and trade cooperation between the two countries”
Canada announced on the 26th (local time) that it plans to impose a 100% tariff on Chinese electric vehicles and a 25% tariff on aluminum and steel starting in October. Some say that the Canadian government’s move is in line with the recent move by the United States and the European Union (EU) to impose tariffs on China.
According to Reuters, Canadian Prime Minister Justin Trudeau said on that day, “China has threatened our key industries by engaging in unfair competition (including providing massive subsidies),” and “We will impose tariffs on Chinese electric vehicles and other products to counter China’s intentional overproduction.”
The electric car company that will be affected by this measure is Tesla. Tesla produces electric cars in Shanghai, China and exports them to Canada. Chinese companies such as BYD have not yet entered the Canadian market. Tesla’s stock price fell 3.2% on the New York Stock Exchange that day compared to the previous trading day.
Prime Minister Trudeau hinted at cooperation with the United States and the EU, saying, “We are coordinating with other countries and matching their pace.” The Associated Press reported that the measure was taken the day before after Prime Minister Trudeau consulted with U.S. National Security Advisor Jake Sullivan. The United States decided to raise tariffs on Chinese electric vehicles from the current 25% to 100%. The EU has been imposing tariffs of up to 47.6% on Chinese electric vehicles since the 5th of last month.
The Chinese Foreign Ministry said it “expresses strong dissatisfaction and opposition to Canada’s measures,” adding that “they will undermine normal economic and trade cooperation between the two countries.”
Meanwhile, there is an outlook that National Security Advisor Sullivan, who is visiting China from the 27th to the 29th, will discuss tariff issues, including electric vehicles, during his meeting with Wang Yi, a member of the Political Bureau of the Communist Party of China and Minister of Foreign Affairs. There is also analysis that the U.S. may ease the 100% tariff on Chinese electric vehicles that is scheduled to be implemented next month.
Reporter Lee Ji-yoon [email protected]
-
- great
- 0dog
-
- I’m sad
- 0dog
-
- I’m angry
- 0dog
-
- I recommend it
- dog
Hot news right now
2024-08-28 20:59:40