China is furthering reducing its tariffs on Canadian canola.
On Feb. 28, China’s Ministry of Commerce announced its final ruling on anti-dumping levies for Canadian canola seed and lowered the related tariffs from 75.8 per cent to 5.9 per cent.
Paired with China’s standard 9 per cent import tariff, Canadian canola seed will be tariffed at 14.9 per cent.
The new rate, which took effect March 1 and will be in place for five years, “can alleviate pressure on the domestic sector and help maintain healthy and stable development of the industry,” Chinese officials said, Reuters reported.