Monday, December 23, 2024

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Is China in Trouble? Canada May Ramp Up Tariffs On Chinese EVs

WorldIs China in Trouble? Canada May Ramp Up Tariffs On Chinese EVs
Bloomberg

According to a June 20 Bloomberg report, Canada plans to impose new tariffs on Chinese electric vehicles (EV), following the U.S. and the European Union (E.U.) ‘s lead.

Bloomberg cited a reliable source within the Canadian government and reported that discussions have begun on additional tariffs on Chinese EVs. Canada is under pressure to join the U.S. and E.U. in erecting a tariff barrier against Chinese EVs.

Last month, the Biden administration quadrupled the tariff on Chinese EVs from 25% to 100%. Subsequently, the E.U. announced last week that it would increase its tariffs on Chinese EVs to a maximum of 48%.

There are also growing demands within the Canadian auto industry for higher tariffs on imported Chinese vehicles due to the disruption of the auto ecosystem by the influx of cheap Chinese cars. Especially with the looming review of the United States-Mexico-Canada Agreement (USMCA), which aims to eliminate tariffs and trade barriers between member countries, Canada needs to align with the U.S.

However, Bloomberg reported that there is speculation that Prime Minister Justin Trudeau may proceed cautiously, considering the possibility of retaliation from China.

Meanwhile, the number of Chinese cars imported into Canada in 2023 surged more than five times from the previous year to 444,000 units.

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