Australia and China have reached an agreement on rapeseed oil! Canada is extremely disappointed: Once again, it takes action against China.
After a five-year trade freeze, China and Australia are about to reach an agreement to trial the shipment of five batches of rapeseed, totaling approximately 150,000 to 250,000 tons. An Australian agricultural source involved in the negotiations between China and Australia described the impending agreement as "it seems we have found a path that benefits everyone."
At the same time, Canadian Prime Minister Trudeau announced at a steel plant in Hamilton that starting in July, an additional 25% tariff will be imposed on all imported products containing Chinese "melting and casting" steel. This move is seen as a strong response from Canada after suffering setbacks in the Chinese agricultural market.
As China's market opens up to Australia once again, it is gradually closing to Canada. China has imposed a 100% tariff on Canadian rapeseed meal and rapeseed oil this year, and has initiated an anti-dumping investigation into Canadian rapeseed. This measure directly hits Canada's agricultural lifeline. According to data from the Canadian Department of Agriculture, in the 2023/24 season, nearly 64% of Canada's rapeseed was exported to China, with annual trade volume reaching about 2 billion dollars.
At the steel plant of the Walters Group in Canada, 70% of its products were previously exported to the United States. Now, "due to the 50% steel tariff imposed by the United States, almost all of them have been interrupted." On the other end of the Earth, an Australian cargo ship is about to load 150,000 to 250,000 tons of rapeseed for the first time in five years, heading toward Chinese ports. Seeing this scene, it is understandable why Canada is so angry.
Original article: https://www.toutiao.com/article/1837858617217035/
Statement: The article represents the views of the author.