China’s Ministry of Finance slapped retaliatory tariffs on key Canadian exports, including rapeseed oil, pork, and seafood, escalating trade tensions between Beijing and Ottawa. The long-anticipated measures come in response to Canadian tariffs imposed last year on Chinese-made electric vehicles, steel, and aluminum. Escalating trade wars add growth scares and sparked turmoil for global equity markets as President Trump advances his “America First” agenda, reshaping economic alliances and complex supply chains in friend-shoring and reshoring efforts.

On Saturday, the Ministry of Finance issued a statement announcing that Beijing would enact retaliatory measures in response to the Canadian government’s 100% tariffs on electric vehicles imported from China, effective October 1, 2024, and 25% tariffs on Chinese steel and aluminum products, effective on October 22, 2024.

MoF said these tariffs are “protectionist practices” that “seriously violate the rules of the World Trade Organization” and “damage China’s legitimate rights and interests.”

In response, Beijing imposed a 100% tariff on rapeseed oil, oil cake, and peas and a 25% tariff on pork and seafood products.

https://www.zerohedge.com/commodities/canola-futures-drop-after-china-slaps-100-tariffs-canadian-rapeseed