{"id":4544,"date":"2024-08-26T18:26:53","date_gmt":"2024-08-27T01:26:53","guid":{"rendered":"https:\/\/abovecloud.xyz\/?p=4544"},"modified":"2024-08-26T18:31:24","modified_gmt":"2024-08-27T01:31:24","slug":"canada-to-follow-us-lead-in-imposing-100-tariff-on-chinese-electric-vehicles","status":"publish","type":"post","link":"https:\/\/abovecloud.xyz\/?p=4544","title":{"rendered":"Canada to follow US lead in imposing 100% tariff on Chinese electric vehicles"},"content":{"rendered":"\n

Trudeau also announces 25% tariff on imported steel and aluminum and says \u2018China is not playing by the same rules\u2019
<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n


Canada, following the lead of the United States, on Monday said it would impose a 100% tariff on the import of Chinese\u00a0electric vehicles<\/a>\u00a0and also announced a 25% tariff on imported steel and aluminum from China.<\/p>\n\n\n\n

The prime minister, Justin Trudeau<\/a>, said Ottawa was acting to counter what he called China\u2019s intentional, state-directed policy of over-capacity. But he did not specify whether tariffs would be softened or would be the same on Tesla, whose shares were down over 3% on Monday after the announcement.<\/p>\n\n\n\n

\u201cI think we all know that China<\/a> is not playing by the same rules,\u201d he told reporters. The tariffs will be imposed starting on 1 October this year.<\/p>\n\n\n\n

\u201cWhat is important about this is we\u2019re doing it in alignment and in parallel with other economies around the world,\u201d Trudeau said on the sidelines of a three-day closed-door cabinet meeting in Halifax, Nova Scotia.

The Chinese embassy in Ottawa was not immediately available for comment.<\/p>\n\n\n\n

Ottawa will continue to work with the United States and other allies to ensure that customers around the world are not unfairly penalized by non-market practices of countries such as China, Trudeau said.<\/p>\n\n\n\n

Ottawa is also looking at further punitive measures such as tariffs on chips and solar cells, Trudeau said, without giving any details.<\/p>\n\n\n\n

Joe Biden in May\u00a0announced<\/a>\u00a0a quadrupling of tariffs on Chinese electric vehicles to 100%, a doubling of duties on semiconductors and solar cells to 50%, as well as new 25% tariffs on lithium-ion batteries and other strategic goods including steel to shield firms from Chinese excess production.

The European Union earlier this month imposed tariffs of up to 36.3% on imports of EVs.<\/p>\n\n\n\n

Ottawa is trying to position Canada<\/a> as a critical part of the global EV supply chain, and had come under pressure from domestic industry to act against China.<\/p>\n\n\n\n

China is Canada\u2019s second-largest trading partner, although it trails far behind the US. Data from Canada\u2019s largest port in Vancouver show imports of automobiles from China at the port jumped 460% annually in 2023, when Tesla<\/a> started shipping Shanghai-made EVs to Canada.<\/p>\n\n\n\n

Tesla does not disclose its Chinese exports to Canada, which began in the first half of 2023. However, vehicle identification codes showed that the Model 3 compact sedan and Model Y crossover models were being exported from its Shanghai Gigafactory to Canada.<\/p>\n\n\n\n

\u201cIn response to the tariffs, I would expect Tesla would shift its logistics and potentially export autos to Canada from the US,\u201d Seth Goldstein, equity strategist at Morningstar, said.<\/p>\n\n\n\n

\u201cThe market is likely reacting to the tariffs and weighing a potential profit impact if Tesla has to export vehicles to Canada from its higher-cost production base in the US,\u201d Goldstein said referring to the drop in shares.

The EU imposed a new reduced extra rate of 9% for Tesla, lower than the 36.3% it had imposed on other Chinese EV imports.<\/p>\n\n\n\n

Canada has inked deals worth billions of dollars to bring in top European automakers in all parts of the EV supply chain to bolster its manufacturing heartland.<\/p>\n\n\n\n

\u201cWe feel vindicated and motivated. Let\u2019s now get to the business of defending our market with the best of Canadian innovation and resolve,\u201d Flavio Volpe, president of the Automotive Parts Manufacturers\u2019 Association, said over email.<\/p>\n\n\n\n

Implementation of the US tariffs has been delayed until September and there is a possibility that planned duties might be softened this week.

Reprinted from \u201cThe Guardian\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

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