Canada to put 100% tariff on China EV imports like Tesla's

Published On Aug 26, 2024, 8:38 AM

Canada has announced a 100% tariff on imports of Chinese-made electric vehicles (EVs), mirroring the tariffs imposed by the United States. This action is a response to perceived unfair advantages provided by Chinese subsidies to their EV producers. Along with the EV tariffs, Canada will also impose a 25% tariff on Chinese steel and aluminum. Prime Minister Justin Trudeau stated that this is crucial to protect Canadian industries from being undermined by lower-priced goods produced under Chinese government policies. Consumer concern over potential retaliatory measures from China is also high, with expectations that other sectors might be affected.

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The new tariffs will likely disadvantage Chinese EV manufacturers in Canada while providing protection to local alternatives, boosting the domestic EV market. As Tesla has options to shift its supply chain, it could mitigate impacts by increasing vehicle production in North America. However, the overall sentiment in the EV sector may remain cautious due to increased trade tensions which could affect future investment prospects in this market.

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