BusinessPostCorner.com
No Result
View All Result
Wednesday, June 18, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

Canada to impose 100% tariff on China electric vehicle imports

August 27, 2024
in Business
Reading Time: 2 mins read
A A
0
Canada to impose 100% tariff on China electric vehicle imports
ShareShareShareShareShare

“We are transforming Canada’s automotive sector to be a global leader in building the vehicles of tomorrow, but actors like China have chosen to give themselves an unfair advantage in the global marketplace”, said Canadian Prime Minister Justin Trudeau.

Canada’s duties on Chinese EVs are due to come into effect on 1 October, while those on steel and aluminium will be implemented from 15 October.

“The rapid development of China’s electric vehicle industry is a result of persistent technological innovation, well-established industrial and supply chains, and full market competition,” said a statement from China’s embassy in Canada.

“Its competitiveness is gained through utilising its comparative advantages and following market principles, rather than relying on government subsidies.”

China is Canada’s second-largest trading partner, behind the US.

In May, the US said it would quadruple its tariffs on imports of Chinese EVs to 100%.

That was followed by the EU, which announced plans to impose duties on China-made EVs of up to 36.3%.

Canada’s tariffs on Chinese EVs will include those made by Tesla at its Shanghai factory.

“Tesla will almost certainly be lobbying the Canadian government to get some leeway on these tariffs, as they have already with Europe,” said Mark Rainford, a China-based car industry commentator.

“If they fail at mitigating the tariff enough, they’ll likely look at switching their Canadian imports to either the US or European factories since Canada is their 6th largest market this year and thus not insignificant.”

Tesla did not immediately reply to a request for comment from BBC News.

Earlier this month, the EU cut its planned extra tariff on China-made Teslas by more than half, after further investigations requested by Elon Musk’s car maker.

Chinese car brands are still not a common sight in Canada but some, like BYD, have taken steps to enter the country’s market.

China is the world’s largest manufacturer of EVs and its car makers have quickly gained a significant share of the global market.

Meanwhile, Canada has struck deals worth billions of dollars with major European car makers, as it tries to become a key part of the global EV industry.

Credit: Source link

ShareTweetSendPinShare
Previous Post

Edgar Bronfman Jr abandons $6bn Paramount bid

Next Post

Chinese retailer PDD takes $55bn share hit after warning of ‘inevitable’ profit decline

Next Post
Chinese retailer PDD takes bn share hit after warning of ‘inevitable’ profit decline

Chinese retailer PDD takes $55bn share hit after warning of ‘inevitable’ profit decline

Seven Solana ETF Filings Hit SEC — But Is Approval Still a Long Shot?

Seven Solana ETF Filings Hit SEC — But Is Approval Still a Long Shot?

June 14, 2025
Opening of HS2 line set to be delayed beyond 2033

Opening of HS2 line set to be delayed beyond 2033

June 18, 2025
Israel’s strikes on Iran in videos and maps

Israel’s strikes on Iran in videos and maps

June 13, 2025
CEO Ryan Cohen says GameStop will focus on trading cards, not video games, as stock plummets 20%

CEO Ryan Cohen says GameStop will focus on trading cards, not video games, as stock plummets 20%

June 13, 2025
Can Israel destroy Iran’s nuclear sites?

Can Israel destroy Iran’s nuclear sites?

June 13, 2025
Planning to watch a show on Prime Video? Brace yourself for twice as many ads

Planning to watch a show on Prime Video? Brace yourself for twice as many ads

June 12, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

OpenLedger and UC Berkeley Give Students Direct Ownership in Building Decentralized AI

OpenLedger and UC Berkeley Give Students Direct Ownership in Building Decentralized AI

June 18, 2025
SCOTUS limits Tax Court jurisdiction if an IRS tax levy disappears

SCOTUS limits Tax Court jurisdiction if an IRS tax levy disappears

June 18, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!