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.