What deals did Xi and Carney reach in China?
Asked 3 hours ago
Answer
Xi Jinping and Mark Carney reached agreements to reduce tariffs on Chinese electric vehicles and Canadian agricultural products, signed several cooperation agreements, and issued a roadmap to expand economic ties. No new commitments were made on Canadian energy exports, and some trade disputes remain unresolved. The visit marks a reset in bilateral relations and the start of a longer negotiation process.
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Canada-China trade agreement cuts tariffs on electric cars and canola
- Canada lowers tariffs on Chinese electric vehicles to 6.1%, capped at 49,000 cars 32s
- China reduces levies on Canadian rapeseed and suspends duties on other farm goods 44s
- Both countries sign agreements on trade, construction, tourism, and security 59s
- A Cooperation Roadmap is issued to expand economic ties 1m 5s
- Canada seeks closer ties with China amid tensions with the US 1m 39s
References
Canada agreed to lower a 100% tariff on Chinese electric vehicles to 6.1%, capping imports at 49,000 cars. In return, China will reduce levies on Canadian rapeseed from over 80% to about 15% and suspend duties on other Canadian farm products. Several agreements on trade, construction, tourism, and security were signed, and a Cooperation Roadmap was issued.
Canada and China signed or renewed a series of non-binding agreements, including cooperation on clean and conventional energy, and resumed ministerial-level talks. No new commitments were made regarding Canadian energy exports, and tariff disputes remain unresolved.
A potential deal on electric vehicles was a key focus, with both sides seeking to resolve tariffs on Chinese EVs and Canadian agricultural products. Carney aims to reduce reliance on U.S. exports and double non-U.S. exports over the next decade.
Canada imposed a 100% tariff on Chinese electric vehicles and a 25% duty on steel and aluminum, with Beijing retaliating with high tariffs on Canadian canola. Carney's visit is seen as a new starting point for dialogue and cooperation to address these trade disputes.