"Carney made the announcement after two days of meetings with Chinese leaders. He said there would be an initial annual cap of 49,000 vehicles on Chinese EV exports coming into Canada at a tariff rate of 6.1%, growing to about 70,000 over five years. China will reduce its total tariff on canola seeds, a major Canadian export, from 84% to about 15%, he told reporters."
"Earlier Friday, Carney and Chinese leader Xi Jinping pledged to improve relations between their two nations after years of acrimony. Xi told Carney in a meeting at the Great Hall of the People that he is willing to continue working to improve ties, noting that talks have been underway on restoring and restarting cooperation since the two held an initial meeting in October on the sidelines of a regional economic conference in South Korea."
Canada agreed to cut its 100% tariff on Chinese electric cars in exchange for lower Chinese tariffs on Canadian farm products. The deal sets an initial annual cap of 49,000 Chinese EVs entering Canada at a 6.1% tariff, rising to about 70,000 over five years. China will reduce its total tariff on canola seeds from 84% to about 15%. Prime Minister Mark Carney said relations with China have become more predictable and that the agreement will drive Chinese investment in Canada’s auto sector, create jobs, and accelerate progress toward a net-zero emissions future.
Read at Fast Company
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