These will also include canola imports as well as rapeseed, with the latter being a major export for Canada to China. The retaliatory move by China comes after the Canadian government announced a decision to impose 100% tariffs on Chinese EVs last week. They also decided to impose an additional 25% tariff on some aluminum products from China, starting from 15 October.

China did warn that the move will have “a very negative impact” and they are starting off with the above as such. No surprises, really.

This article was written by Justin Low at www.forexlive.com.