China sharply reduced tariffs on Canadian canola over the weekend, reports Caixin. The moves marks a major de-escalation in bilateral trade tensions following Canadian Prime Minister Mark Carney’s recent visit.
China’s Ministry of Commerce confirmed Saturday that it would impose a 5.9% anti-dumping duty on Canadian canola, effective March 1 and lasting five years. The rate is far below the provisional 75.8% deposit Beijing had required last year after a preliminary ruling found that Canadian exporters were selling at unfairly low prices.
A spokesperson said China has always preferred resolving trade differences through dialogue and had taken into account “reasonable concerns” raised by Ottawa before issuing its final ruling. China also suspended additional discriminatory tariffs on certain Canadian goods from March 1 through December 31.