China suspends tariffs on Canadian agricultural imports
Beijing will suspend tariffs on Canadian canola meal and seafood starting March 1. The move follows a deal struck by Prime Minister Mark Carney to boost trade.
China announced on Friday that it will suspend several agricultural tariffs on imports from Canada, signaling a significant de-escalation in trade tensions between the two nations. The decision follows a diplomatic mission by Canadian Prime Minister Mark Carney in January, during which an initial trade agreement was reached. According to a statement from the Chinese Ministry of Finance, 100% tariffs on Canadian canola meal and peas will be lifted, alongside a suspension of 25% tariffs on lobster and crab. These measures are set to take effect on March 1 and will continue through the end of 2026.
