China and Canada announce tariffs relief after a high-stakes meeting between Carney and Xi

Following a meeting in Beijing between Chinese leader Xi Jinping and Canadian PM Mark Carney, China and Canada announced tariff relief, signaling a potential reset in their relationship. China will reduce levies on Canadian canola oil from 85% to 15% by March 1st, while Canada will tax Chinese electric vehicles at 6.1%. This agreement, the first visit by a Canadian leader to China in nearly a decade, comes after years of strained relations and tit-for-tat tariffs. Carney aims to diversify Canadian trade away from the US, and this deal could lead to increased Chinese investment in Canada. Carney emphasized that he addressed Canada's concerns with Xi, including human rights and election interference. The visit and agreement may serve as an example for other countries impacted by US tariffs, while China seeks to portray itself as a stable global partner.

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