The Canadian government plans to impose additional tariffs on Chinese imports starting next year, targeting solar products, critical minerals, and semiconductors. The move aims to prevent unfair market distortions caused by Chinese trade practices.
The Canadian government announced its intention to implement additional tariffs on Chinese imports in the 2024 Fall Economic Statement. These tariffs, set to commence next year, will target specific solar products and critical minerals in 2025, and permanent magnets, natural graphite, and semiconductors in 2026. The government's aim is to mitigate the impact of Chinese non-market trade practices that could disrupt fair market conditions in Canada and North America.
While specific details regarding the tariffs remain undisclosed, the government assured the public that further information will be released soon. Canada currently levies a 100% tariff on Chinese electric vehicles and a 25% tariff on Chinese steel and aluminum products. Over the past year, Canada has implemented measures to curb Chinese influence by restricting trade, limiting foreign investments, and diversifying supply chains. Beyond the tariffs, the Fall Economic Statement also included two amendments designed to bolster mineral exploration and investment in the mining sector. These amendments, lauded by the Mining Association of Canada (MAC), include lowering the critical mineral eligibility threshold for the Clean Technology Manufacturing Investment Tax Credit (CTM-ITC) from 90% to 50%, easing access for polymetallic deposits. Additionally, a proposed change to the Alternative Minimum Tax (AMT) seeks to prevent the increased inclusion rate for capital gains from significantly diminishing the value of the Mineral Exploration Tax Credit (METC). MAC CEO Pierre Gratton expressed his satisfaction with the proposed adjustments, stating that they will support the mining sector and enable Canada to effectively execute its Critical Minerals Strategy
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