Five things to know about Canada’s new ‘strategic partnership’ with China
The deal cuts tariffs on Canadian agricultural exports and allows up to 49,000 Chinese electric vehicles annually at reduced tariffs, aiming to boost trade and investment.
- On Friday Prime Minister Mark Carney secured a landmark deal with Chinese President Xi Jinping in Beijing after a three-day visit, creating tariff breaks and new trade cooperation avenues.
- Aiming to diversify from U.S. pressure, Ottawa pursued a strategic partnership with China to reduce reliance on the United States and repair strained ties after the past year.
- China will cut canola seed duties from 84% to about 15%, and Canada removed its 100% tariff on Chinese electric vehicles, allowing 49,000 EVs annually, rising to about 70,000.
- U.S. officials reacted strongly, with Jamieson Greer calling the deal problematic for Canada but saying, `I don't expect that to disrupt American supply into Canada`.
- Canada set a goal to increase exports to China by 50% by 2030, with Carney expecting Chinese investment in clean energy and autos within three years .
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Five things to know about Canada's new 'strategic partnership' with China
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