Canada announces tariff exemption on Chinese EVs, steel, aluminium

21/10/2024 04:52 - 78 Views

The Canadian federal government said Friday that businesses can now request remission of surtaxes on electric vehicles (EVs), steel and aluminum imported from China.

The Canadian Finance Ministry said in a news release that remission will provide relief from surtaxes or refunds of surtaxes already paid to ensure that Canadian industry has sufficient time to adjust supply chains.

Remission would also apply to potential surtaxes on critical manufacturing sector products, it added, noting that the federal government will consider the appropriate duration of remission.

In October, Canada implemented a suite of tariffs on Chinese imports, including a 100 percent surtax on Chinese-made EVs and a 25 percent surtax on steel and aluminum.

In May 2024, the United States increased tariffs on Chinese-made EVs from 25 per cent to 100 per cent, this follows its longstanding concern about China's alleged "unfair trade practices".

In July this year, the European Union imposed a provisional anti-subsidy tariff of up to 37.6 per cent on EVs imported from China.

Source: Loop News