China said Tuesday it plans to launch an anti-dumping probe into Canadian canola imports after the Ottawa government decided to impose tariffs on Chinese electric vehicles, driving domestic rapeseed oil futures prices to a one-month high.<\/p>\n
Canada has followed the lead of the United States and the European Union and announced last week a 100% tariff on Chinese electric vehicle imports and a 25% tariff on steel and aluminum imported from China.<\/p>\n
Dumping is a trade practice of selling a product below its normal price or even below its production cost in order to gain competitive advantages.<\/p>\n
China strongly deplores and firmly opposes the discriminatory unilateral restrictive measures taken by Canada against its imports from China, despite opposition and dissuasion from many parties,” a Ministry of Commerce spokesman said in a statement.<\/p>\n
Canada is the world’s largest exporter of rapeseed, used in food and biofuels. China is the world’s largest buyer of the oilseed.<\/p>\n
“Canada’s canola exports to China have increased significantly and are suspected of dumping, reaching $3.47 billion in 2023, with a year-on-year increase of 170% in volume and a continuous decline in prices,” the ministry said.<\/p>\n
“Affected by unfair competition from the Canadian side, Chinese domestic rapeseed-related industries continued to suffer losses,” it added.<\/p>\n
Chinese rapeseed meal futures on the Zhengzhou Commodity Exchange rose 5.49% to 2,363 yuan (about $331.80) per metric tonne, following the announcement, reaching its highest level since Aug. 6.<\/p>\n
China will also launch an anti-dumping investigation into some Canadian chemical products, the spokesman added.<\/p>\n
China intends to resort to the World Trade Organization’s dispute settlement mechanism over Canada’s relevant practices, the spokesman said.<\/p>\n