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Market Chatter: China Responds to Canada's EV Tariffs With Rapeseed Probe
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Market Chatter: China Responds to Canada's EV Tariffs With Rapeseed Probe
Sep 3, 2024 7:23 AM

10:05 AM EDT, 09/03/2024 (MT Newswires) -- China has launched an anti-dumping probe into rapeseed imports from Canada, embroiling the $5 billion industry into a nascent trade war between the two countries, BNN Bloomberg is reporting Tuesday. It noted the move comes after Canada slapped tariffs of up to 100% on Chinese-made EVs, as well as 25% levies on steel and aluminum.

Rapeseed is the plant from which canola oil is derived, and it's not the first time China has targeted the product that is literally named after Canada. Following the arrest and detention of Huawei executive Meng Wanzhou in Vancouver at the behest of the U.S. in 2018, China banned the import of Canadian canola on trumped up quality concerns.

(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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