New Chinese tariffs will force Canada producers to defend against U.S. competition
MONTREAL – New Chinese retaliatory tariffs on U.S. goods will cause global disruptions and force Canadians to defend their markets against heightened American competition, say soybean, meat and chemical producers.
China announced tariffs Wednesday against U.S. plans to apply US$50 billion worth of tariffs on 106 imports by issuing a list of U.S. goods including soybeans, whisky, beef, industrial chemicals and small aircraft in the escalating dispute.
That’s on top of import charges announced Monday on 128 items including fruit, nuts, pork, ginseng, wine, steel pipe and aluminum scrap in retaliation for an estimated US$3 billion in U.S. tariffs on steel and aluminum.
The latest 25 per cent levy on U.S. goods could create some opportunities for Canadian soy exporters, but will also force Canada to fend off imports at home and defend sales to 69 other markets, said Soy Canada executive director Ron Davidson.