China and Canada announce tariffs relief after a high-stakes meeting between Carney and Xi
China is expected to lower levies on Canadian canola oil from 85% to 15% by 1 March, while Ottawa has agreed to tax Chinese electric vehicles at the most-favoured-nation rate, 6.1%, Carney told reporters. Kenya breaking news | Kenya news today |..
✨ Key Highlights
China and Canada have announced significant tariffs relief following a high-stakes meeting between Chinese leader Xi Jinping and Canadian Prime Minister Mark Carney in Beijing, signaling a reset in their strained relationship.
- China will lower tariffs on Canadian canola oil from 85% to 15% by March 1, while Canada will tax Chinese electric vehicles at the most-favored-nation rate of 6.1%, with a cap of 49,000 vehicles.
- The deal is a breakthrough after years of strained ties, largely stemming from Canada's 2018 arrest of Meng Wanzhou, CFO of Huawei, and China's subsequent detention of Michael Kovrig and Michael Spavor.
- Carney's visit is the first by a Canadian leader to China in nearly a decade and comes as Canada seeks to diversify trade away from the US due to tariff uncertainties.
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US and Canada Adjust Tariffs with Taiwan and China; India Invests in Rare Earths - January 2026
Several nations are making strategic policy changes regarding trade and critical industries. China and Canada have announced significant tariffs relief following a meeting between Chinese leader Xi Jinping and Canadian Prime Minister Mark Carney. In a separate policy move, the US has agreed to reduce tariffs on goods from Taiwan to 15% in exchange for a significant investment pledge aimed at boosting domestic semiconductor production. Meanwhile, India has approved a 73-billion-rupee ($800m) plan to produce rare earth magnets. This initiative aims to reduce India's dependence on China, which currently controls over 90% of global rare earth processing, and achieve self-reliance in a component crucial for electric vehicles and smartphones.
