Canadian Prime Minister Mark Carney indicated that securing the immediate removal of Chinese tariffs on Canadian goods, including canola, was not a realistic expectation for his meeting with Chinese President Xi Jinping on Friday.
The discussion, held during the Asia Pacific Economic Cooperation (APEC) summit in South Korea, marked the first official bilateral summit between the leaders of Canada and China since 2017.
Speaking to reporters on Saturday before returning to Canada, Carney explained: “What the meeting accomplished, which was the objective of the meeting, was to establish that relationship at the highest level for the first time in eight years, and to unlock a few things.”
He confirmed he accepted an invitation from President Xi to visit China “in the new year.” Carney declined to forecast a timeline for resolving issues like tariffs and mutual travel restrictions.
Carney cautioned against oversimplification, stating, “People sometimes simplify it down, to give this for that. That’s not the way it works.”
Economic Opportunities The prime minister mentioned a long-term strategy focused on creating “a much bigger set of opportunities for a broader range of Canadian businesses” within the Chinese market.
Carney suggested some business areas would be less controversial, listing Canadian retailers like Lululemon Athletica Inc. and Canada Goose Holdings Inc. as examples. Conversely, he noted that investment restrictions might remain for sensitive industries, such as cyber-security technology.
Despite the meeting, it remains unclear what concessions Carney is prepared to offer during negotiations regarding China's import levies on Canada.
Last year, when Justin Trudeau was Prime Minister, Canada applied high tariffs to Chinese electric vehicles (EVs), steel, and aluminum. In response, China placed its own levies on Canadian food exports, particularly canola, which is a primary Canadian export to Asia.
When questioned about potentially lowering the 100% tariff Canada imposed on Chinese EVs, Carney was noncommittal. He stated only that his government would “proceed carefully,” acknowledging the wider issues affecting the auto sector, which likely refers to the tariffs placed on Canadian auto imports by U.S. President Donald Trump.
Nevertheless, Carney indicated that a broader dialogue is underway concerning potential cooperation with China in the clean energy sector.
Carney pointed out that “Some of the most competitive companies in the world are Chinese, in both offshore wind and in battery storage,” concluding that “It’s a natural potential area for cooperation even before you get to EVs.
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Source:- BLOOMBERG
