Highlights
On Saturday, China announced tariffs on over $2.6 billion worth of Canadian agricultural and food products, retaliating against Canadian tariffs introduced in October. The tariffs are scheduled to take effect on 20 March and they match the 100% and 25% import duties Canada slapped on China-made electric vehicles, steel, and aluminum products.
Canola was excluded from a China tariff, which was one of Canada's top exports to the world's top agricultural importer prior to China investigating Canada for anti-dumping last year. That canola exclusion by China may be an indication China is willing to negotiate trade issues.
However, China will apply a 100% tariff to just over $1 billion of Canadian canola and rapeseed oil, protein meal, peas, and a 25% duty on $1.6 billion worth of Canadian aquatic products and pork. Canada exported US$47 billion worth of goods to China in 2024.