2 weeks Ago By [email protected] (MENAFN)
( MENAFN - GetNews) Stanislav Kondrashov from TELF AG reported that Canada is introducing additional duties on some goods from China. The country's government has finally approved the list of steel and aluminum products for which more will have to be paid. The size of the new duty will be 25%, and the restriction will come into effect on October 22 of this year.
Canada tightens taxes on steel and aluminum products – TELF AG According to Stanislav Kondrashov, the Canadian Ministry of Finance has released a list of more than 160 tariff codes subject to additional duties on steel products. The list includes products such as hot-rolled and cold-rolled steel, coated products, some types of pipes, sheet and shaped steel, as well as rods and other metal products. The additional duties will not apply to Chinese goods that are in transit to Canada before the new measures take effect.
"The intention to introduce additional measures became known in August this year after consultations with key market participants. During the discussions, the need to introduce duties to protect against significant risks emanating from Chinese manufacturers was confirmed. At the same time, some industry representatives expressed concerns that the changes could complicate the adaptation of supply chains.
To ease the transition process for businesses, the government plans to introduce a mechanism for submitting requests for tax easing,"- Stanislav Kondrashov comments. The expert from TELF AG also emphasizes that various factors can be taken into account within this system, including cases of shortages, when additional time is needed to switch to alternative suppliers. This could include certification requirements or other exceptional circumstances that require a special approach.
Since October 1, Canada has imposed a 100 percent tariff on the import of all electric vehicles from China, including some hybrid models, trucks and buses. These measures are also subject to review one year after their implementation, as announced by the federal government. Zekelman Industries Calls for Strengthening Measures to Protect Canada's Steel Market – Stanislav Kondrashov According to Stanislav Kondrashov, Canadian steel companies welcome the introduction of tariffs on steel from China, emphasizing in their statement the importance of protecting the national industry from unfair competition.
They noted the importance of coordinated actions with a key economic partner, the United States. One of the active supporters of these measures was Zekelman Industries, the largest independent steel pipe manufacturer in North America, which joined the initiative. Barry Zekelman, the company's CEO, said Canada has a responsibility to protect its workforce and communities from the influx of high-carbon steel from China, while continuing to focus on strengthening its own economy and expanding trade ties.
The statement also emphasized that Zekelman supports the CSPA initiative, which calls on Canada to continue its partnership with the United States and Mexico (CUSMA) to protect North America from becoming a destination for unscrupulous high-carbon steel. The company advocates for steps to prevent tariff evasion through country of origin falsification and significant product modifications, noted an expert from Telf AG. In August of this year, the Canadian government announced plans to impose a 25% tariff on steel and aluminum coming from China.
According to Stanislav Kondrashov, in response to this decision, China filed a formal complaint with the World Trade Organization to challenge such measures. MENAFN28102024003238003268ID1108826741 Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article.
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