Carney says ‘landmark’ tariff deal made with China on canola oil, EVs

A breakthrough on the tariff front in China. Prime Minister Mark Carney sat down with President Xi Jinping on Friday, and later announced lower tariffs, signalling a major reset in Canada-China relations.

The deal includes minimizing the levies in place against Canadian canola products and a significant drop in the tariff amount charged on Chinese electric vehicles. Carney says Canada’s relationship with China is one that is “more predictable” than the U.S.

This agreement allows tens of thousands of Chinese electric vehicles into Canada in exchange for a reduction in Chinese retaliatory tariffs. Carney is describing this as a “preliminary, but landmark” agreement, though not everyone sees this as a fair exchange. Ontario Premier Doug Ford is calling the deal a “terrible miscalculated decision.”

WATCH MORE: Carney secures energy cooperation deal in first day of Beijing talks