China announced on Saturday that it will impose tariffs on several Canadian agricultural products in retaliation for Canada’s levies introduced in October, marking the latest escalation in a trade conflict primarily driven by US President Donald Trump’s tariff threats, according to Reuters.
The new tariffs, set to take effect on March 20, include a 100% tariff on Canadian rapeseed oil, oil cakes, and peas, as well as a 25% levy on aquatic products and pork from Canada. The move was confirmed by China’s commerce ministry.
In response to the announcement, the AUD/CAD cross dipped 0.10%, trading at 0.9058 at the time of writing, reflecting market concerns about the further intensification of trade tensions between the two nations.