Canada exploring higher tariffs on Chinese EVs, Bloomberg News reports
Adds trade minister's reported comment in paragraph 2, background in paragraphs 4-6
May 17 (Reuters) -Canada is looking at whether it needs to raise tariffs on Chinese-made electric vehicles after the White House announced major new levies on them, Trade Minister Mary Ng told Bloomberg News on Friday.
"We are looking at this very carefully and we have an open dialogue with our American partners," Bloomberg quoted Ng as saying in a phone interview from Peru, where she is attending meetings of the Asia-Pacific Economic Cooperation forum.
Canada's trade ministry and Ng's office did not immediately respond to a Reuters request for comment on the report.
Canada's decision follows U.S. President Joe Biden's steep tariff increases on Chinese imports, including electric-vehicle (EV) batteries, computer chips and medical products earlier this week. China had immediately vowed retaliation.
Biden will increase tariffs this year under Section 301 of the Trade Act of 1974 from 25% to 100% on EVs, bringing total duties to 102.5%.
Tesla TSLA.O started listing China-made Model 3 and Model Y models for sale in Canada on its website last year.
Reporting by Juby Babu in Mexico City; Editing by Arun Koyyur
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
