China has launched new anti-dumping duties on Canadian canola, in an escalation of trade tensions between Beijing and Ottawa that has pushed down futures prices on fears of a supply glut.
China’s commerce ministry announced on Tuesday that a preliminary 75.8 per cent duty on Canadian canola seed would go into effect on Thursday, sending the crop’s futures on the Intercontinental Exchange down as much as 6.5 per cent.
“China has always exercised prudence and restraint when using trade remedies to safeguard fair and free trade,” said a spokesperson at the Chinese embassy in Ottawa. “China will . . . take necessary measures to resolutely safeguard the legitimate rights and interests of domestic industries.”
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