Prime Minister Mark Carney says he has reached a deal with China to allow tens of thousands of Chinese electric vehicles into the country in exchange for lower canola duties.
He billed his first such trade deal since taking office as a preliminary one that would boost the economy.
Carney says Ottawa expects Beijing to drop canola seed duties to 15 per cent by March.
Canadian canola meal, lobsters, crabs and peas will no longer be subject to Chinese tariffs from March to at least the end of the year.
In return, Canada will allow up to 49,000 Chinese electric vehicles into the Canadian market at a 6.1 per cent tariff rate.
The pact comes just hours after Carney met with President Xi Jinping on a trip to Beijing, ending a multi-year trade dispute that began when the last Liberal government levied EV tariffs to protect Canada’s auto sector.
It’s 49,000 cars out of almost 2M new car sales a year in Canada, in a market where EV sales barely get above 8%, and for that we restored a $5B canola industry.
And of course, Doug Ford whines while doing his usual fuck all.