Canadian tariffs on Chinese aluminium, steel and EVs expected to generate millions in revenue

Published: Dec 11, 2024 12:04

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Canada’s Parliamentary Budget Officer (PBO), Yves Giroux, estimates that federal revenues will rise by $473 million over five years due to tariffs on Chinese electric vehicles, aluminium, and steel.

In October, the federal government implemented a 100 per cent tariff on Chinese-made electric vehicles (EVs) and a 25 per cent per cent tariff on aluminium and steel imports.

The Canadian Government has pointed out China's trade practices, highlighting unfair pricing and product dumping enabled by "abysmal" environmental and labour standards. These practices, they argue, come at a significant cost to both the environment and workers' rights.

The Trudeau Government faced significant pressure to align with U.S. tariffs, driven by advocacy from industry groups such as automakers and steel and aluminium manufacturers.

Yves Giroux, the Parliamentary Budget Officer (PBO), projects a 50 per cent decline in aluminium and steel imports from China due to the tariffs.

Meanwhile, electric vehicle (EV) imports from China surged in 2023, driven by Tesla fulfilling Canadian orders from its Shanghai plant. However, the PBO anticipates that Tesla will now source vehicles for the Canadian market from outside China.

Image credit: YouTube, CTV News

Information credit: The Canadian Press

Source: https://www.alcircle.com/news/canadian-tariffs-on-chinese-aluminium-steel-and-evs-expected-to-generate-millions-in-revenue-112739

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