In a recent development, China’s state media has criticized Canada’s decision to impose 100% import tariffs on Chinese electric vehicles (EVs), describing it as a self-inflicting move.
What Happened: The Global Times, a daily tabloid owned by Xi Jinping‘s Chinese Communist Party, has condemned Canada’s latest action as a reflection of U.S.’ protectionist policies, CNBC reported on Wednesday. The outlet suggested that Canada is being manipulated by America’s “unhealthy policies” which could potentially lead to more barriers to free market circulation and negatively impact Canada’s domestic economy.
Global Times editor wrote that Canada is "shooting itself in the foot" by "following U.S.′ protectionist policies."
Earlier this week, Canada announced it would impose 100% tariffs on China-made EVs, effective Oct. 1. This decision mirrored similar actions by the U.S. and the European Union, who imposed taxes on China due to concerns about unfair subsidies.
Why It Matters: In response to Canada’s move, China’s Ministry of Commerce labeled it a “typical act of trade protectionism.” The ministry expressed strong dissatisfaction and firm opposition, stating that Canada “blatantly violated WTO rules and blindly followed certain other countries.” It warned that the move could disrupt the stability of global industrial and supply chains and severely impact China-Canada economic and trade relations.
Canada, however, defended its measures as necessary to “level the playing field for Canadian workers” and allow domestic EV, steel, and aluminum producers to compete both at home and abroad. This decision came after a 30-day public consultation on Chinese EVs and related products.
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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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