Source: Oleoscope (Russia)
The Ministry of Commerce in China has declared its intention to implement tariffs on agricultural goods from Canada, amounting to $2.6 billion. These tariffs are set to come into force on March 20.
In a statement referenced by Reuters, the Ministry stated, “Canada’s actions represent a serious infringement of World Trade Organization regulations, exemplifying protectionist behavior and discrimination. Such measures severely damage China’s legitimate interests and rights.”
Imported rapeseed oil, oilcake, and peas from Canada will incur a 100% tariff, while pork, fish, and seafood will face a 25% duty.
China ranks as Canada’s second-largest trading partner, trailing the United States by a significant margin. Chinese customs data indicates that in 2023, Canada exported goods worth $47 billion to China, the world’s second-largest economy.
Previously, analysts highlighted that the European Union might be a key market for Canadian rapeseed, with imports predicted to hit a record 7.3 million tons this season, of which Canada’s share could reach 1.4 million tons.