China Imposes 25% Tariff on Canadian Seafood in Trade Retaliation

China will implement a 25% tariff on various Canadian seafood products, including lobster and coldwater shrimp, starting March 20. This action is a countermeasure to Canada’s tariffs on Chinese goods and is projected to cost Canada approximately $310 million in 2024.

China has announced a 25% tariff on 49 Canadian seafood products, effective March 20. This decision follows Canada’s imposition of tariff measures against Chinese goods, as stated by the State Council Tariff Commission. The affected items include popular seafood such as lobster, coldwater shrimp, crab, and Greenland halibut. Based on projections for 2024, the total cost of these tariffs to Canada is estimated to reach approximately $310 million.

The introduction of a 25% tariff by China on Canadian seafood marks a significant trade response to prior Canadian tariffs against Chinese exports. This move impacts key Canadian products like lobster and coldwater shrimp, with potential financial repercussions estimated around $310 million in 2024. The situation highlights the ongoing trade tensions between Canada and China, emphasizing the interconnectedness of global seafood markets.

Original Source: www.undercurrentnews.com