Canada, inspired by EU and US, considers imposing import tariffs on Chinese EVs
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 24 2024
0mins
Source: reuters
- Canada Considers Tariffs on China-Made Electric Vehicles: Canada is contemplating imposing tariffs on Chinese electric vehicles to combat what is perceived as heavy subsidies in the Chinese EV industry.
- Public Consultation and Possible Responses: Finance Minister Chrystia Freeland announced a 30-day public consultation period starting July 2 to gather input on potential responses to address unfair competition from China.
- Global Concerns and Aligning with Allies: Canada aims to align itself with allies like the United States and the European Union, who have raised similar concerns about China's practices in the EV sector.
- Potential Tariffs and Trade Actions: The response from Canada could involve tariffs on imports, but specifics on the action or whether it will target EV components like batteries are yet to be disclosed.
- Pressure to Act and Industry Reactions: There is domestic pressure for Canada to take action against Chinese EVs, with calls for tariffs from Ontario's premier and industry bodies welcoming the announcement while urging broader measures beyond just EVs.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
