China Imposes $2.6B Tariffs on Canadian Products

China has announced retaliatory tariffs on Canadian agricultural and food products, including a 100% tariff on rapeseed oil, oil cakes, and peas, as well as a 25% tariff on pork and aquatic products, effective March 20. This move is in response to Canada's imposition of tariffs on Chinese electric vehicles, steel, and aluminum, which took effect last year. The trade tensions reflect a broader global conflict involving the US and other nations, with similar tariffs having been imposed by the US and EU to counter perceived unfair advantages by China. Economists warn that the escalation of tariffs could lead to increased inflation and potential recessions in major economies. The situation is aggravated by the complex geopolitical dynamics, with Canada now facing trade challenges on multiple fronts. China's actions are seen as a strategic measure to reset its trade relations with Canada and a caution against aligning too closely with US trade policies.