Beijing-Ottawa deal reinforces China’s dominance in EV industry at expense of US: analysts
AI Summary
A recent trade agreement between Beijing and Ottawa reduces tariffs on Chinese electric vehicles entering Canada. Analysts suggest this deal strengthens China's position in the EV market while potentially weakening the United States' influence. The agreement signals a shift in Canada's automotive industry and a break from its close alignment with the U.S., particularly after strained relations under President Trump. Canada will remove a 100% tariff on Chinese EVs, mirroring a similar move by the U.S., while China will lower tariffs on Canadian canola. The Canadian government anticipates increased Chinese investment and job creation in its EV supply chain as a result of the agreement. The deal follows a meeting between Canadian Prime Minister Mark Carney and Chinese President Xi Jinping in Beijing.
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Source Transparency
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