Canada hits China-made electric cars with 100% tariff

Published On Aug 26, 2024, 9:44 PM

Canada will impose a 100% tariff on electric vehicles (EVs) imported from China, following similar moves by the US and EU. This decision, effective from October 1, aims to counter what Canada perceives as unfair subsidies given to Chinese EV manufacturers. Canadian Prime Minister Justin Trudeau stated the goal is to bolster Canada's automotive sector and compete globally. Alongside the EV tariff, Canada will also impose a 25% duty on Chinese steel and aluminum, potentially impacting companies like Tesla, which imports from China. The situation has drawn criticism from China, labeling it as trade protectionism.

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Stock Forecasts

TSLAView TSLA chart on TradingView

Negative

The imposition of tariffs on Chinese EV imports is likely to lead to higher vehicle prices for consumers in Canada, potentially slowing market growth for electric vehicles. Tesla and other manufacturers may be forced to reconsider their supply chains, impacting their Canadian market strategy.

FView F chart on TradingView

Positive

The tariffs may provide an advantage to domestic car manufacturers in Canada and those based in the US or Europe, as Canadian consumers may shift towards vehicles from these regions to avoid the tariff.

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