NNA – Canada, following the lead of the United States and European Union, said on Monday it will impose a 100% tariff on imports of Chinese electric vehicles and announced a 25% tariff on imported steel and aluminum from China.
The duties apply to all EVs shipped from China, which would include those made by Teslanbsp;(TSLA.O), opens new tab, a Canadian government official said.
Shares of the most valuable global automaker closed down 3.2%.
Canadian imports of automobiles from China to its largest port, Vancouver, jumped 460% year over year to 44,356 in 2023, when Tesla started shipping Shanghai-made EVs to Canada.
Prime Minister Justin Trudeau said Ottawa was acting to counter what he called China#39;s intentional, state-directed policy of over-capacity. quot;I think we all know that China is not playing by the same rules,quot; he told reporters. The tariffs will be imposed starting Oct. 1.
quot;What is important about this is we#39;re doing it in alignment and in parallel with other economies around the world,quot; Trudeau said on the sidelines of a three-day closed-door cabinet meeting in Halifax, Nova Scotia.
The Chinese embassy in Canada called the move quot;protectionistquot; and a quot;politically dominant actquot;, adding that Canada has ignored World Trade Organisation (WTO) rules.
Canada#39;s action will undermine normal economic and trade cooperation between the two countries and hurt Canadian consumers and enterprises, a spokesperson for the embassy said in a statement released late Monday.–Reutersnbsp;
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