China has reduced tariffs on Canadian canola, signaling a thaw in trade relations following Prime Minister Mark Carney's visit, according to Caixin.
China has sharply cut tariffs on Canadian canola in a move seen as easing trade tensions after Canadian Prime Minister Mark Carney's recent visit, reported Caixin.
The Ministry of Commerce announced on Saturday that it would impose a 5.9 percent anti-dumping duty on Canadian canola, effective March 1 and lasting for five years. This rate is significantly lower than the provisional 75.8 percent deposit that Beijing had required last year after a preliminary ruling found that Canadian exporters were selling at unfairly low prices.
The ministry stated that China preferred resolving trade disputes through dialogue and had taken into account the concerns raised by Ottawa before issuing its final ruling. Additionally, the ministry suspended extra tariffs on certain Canadian goods from March 1 through December 31.
