China Imposes 25% Tariff on Canadian Seafood Products

China will impose a 25% tariff on 49 Canadian seafood products, including lobster and coldwater shrimp, starting March 20. This action responds to Canada’s tariffs on Chinese goods and is projected to cost about $310 million by 2024, according to the UCN trade portal.

The Chinese government has announced a significant 25% tariff on 49 categories of Canadian seafood products, effective March 20. This decision comes as a direct response to tariffs implemented by Canada on Chinese imports and will primarily impact items such as Greenland halibut, crab, lobster, and coldwater shrimp. The UCN trade portal estimates that this move will result in approximately $310 million in costs based on projected figures for 2024.

In conclusion, the imposition of a 25% tariff by China on various Canadian seafood items marks a significant escalation in trade tensions between the two nations. This measure not only affects a wide range of seafood products but also represents a retaliatory action against Canada’s previous tariffs on Chinese goods. The anticipated economic impact of approximately $310 million underscores the seriousness of this trade dispute.

Original Source: www.undercurrentnews.com