Canada, China Extend Tariff Deal, Aim to Boost Canadian Exports

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1. 22m ago

   Canada and China Extend Tariff Deal to Boost Exports

   Canada and China have extended a bilateral tariff agreement through late 2028, aiming to boost Canadian agricultural and seafood exports while maintaining market access for Chinese steel and aluminum. Trade Minister Maninder Sidhu confirmed the extension during a dual trade push alongside Minister MacDonald. The renewed pact covers reduced tariffs on key Canadian products including canola, canola meal, peas, lobster, and crab. The move follows recent ministerial-level economic and trade talks between Ottawa and Beijing intended to expand bilateral cooperation and deepen trade ties ahead of previous year-end deadlines.

   Why it matters

   The trade agreement extension arrives as officials from both nations engage in high-level diplomatic visits, including a visit by China's vice-premier to Vancouver and planned trips to Shenzhen. These discussions represent the first ministerial-level economic and trade talks between Canada and China in recent times. The original pact faced a looming year-end deadline before ministers secured the two-year extension to late 2028.

   What is confirmed

   • Canada and China extended an agreement providing tariff relief for Canadian farm and seafood products and market access for Chinese steel and aluminum to the end of 2028.
   • Trade Minister Maninder Sidhu stated that the deal on canola and access for Chinese steel is being extended by two years.
   • The extended tariff relief covers Canadian canola, canola meal, peas, lobster, and crab.

   Still unconfirmed

   • Ministers MacDonald and Sidhu are leading a dual trade push in China as part of the negotiations.

   What to watch next

   • Further official announcements regarding trade implementation details and export quotas.
   • Upcoming bilateral visits and meetings between Canadian officials and Chinese trade ministers.
   Sources used for this update (19)

   1. www.yahoo.com — Yahoo
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   4. www.zerohedge.com — Futures Rise, Oil Slides As Iran's Supreme Leader Talks Peace And Shrugs Off Ras Tanura Attack
   5. Bloomberg.com — Canada, China Extend Tariff Deal, Aim to Boost Canadian Exports
   6. CBC — China extends tariff relief for Canadian canola, lobster and crab
   7. The Globe and Mail — China extends tariff relief for some Canadian farm, seafood products by two years
   8. 650 CKOM — Ministers MacDonald, Sidhu lead dual trade push in China as year-end tariff deadline looms
   9. Yahoo! Finance Canada — China's commerce minister vows to expand cooperation with Canada
   10. thecanadianpressnews.ca — China's vice-premier visiting Vancouver before Carney's trip to Shenzhen
   11. AsiaOne.com — China's commerce minister vows to expand co-operation with Canada, China News
   12. CGTN — China, Canada hold first ministerial-level economic and trade talks
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