Friday, July 12, 2024

Canada Set to Impose Tariffs on Chinese EVs as Imports Surge

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Canada is on the brink of imposing tariffs on Chinese-made electric vehicles (EVs), following in the footsteps of the US and Europe, according to sources familiar with the matter.

The move comes as Canadian regulators announced plans last month to mirror the increased taxes on vehicle imports from China seen in other major markets.

See also: EU to Impose Tariffs on Chinese EVs, Excluding Tesla, in Anti-Subsidy Move

The surge in Chinese EV imports to Canada has been dramatic, jumping from CAD $100 million in 2022 to CAD $2.2 billion this year, with passenger vehicles arriving at the Vancouver port from China increasing fivefold. Tesla’s shipment of its Model Y from the Shanghai Gigafactory has contributed to this rise, though the issue extends beyond Tesla.

Concerns have been raised internationally about the impact of Chinese EV subsidies on the global market. There are fears that a flood of Chinese EVs could lead to market dependency and harm local industries.

See also: U.S. Special Tariffs on Chinese EVs Set to Take Effect in August 2024

The European Union is currently in talks with China to establish terms before potentially imposing tariffs of up to 38.1%, while the United States has already taken action, imposing tariffs of up to 100%. Earlier this month, Turkiye introduced 40% import taxes on Chinese EVs.

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