In an attempt to figuratively poke Donald Trump and the United States in the eye, Canadian Prime Minister Mark Carney just announced that Canada is cozying up to China by slashing tariffs on imported Chinese EVs. The new tariff rate will be just 6.1 percent, opening up his country to 49,000 Chinese vehicles initially, and increasing to 70,000 in the coming years. China “reciprocated” by dropping the tariff on Canadian canola oil to 15 percent. Carney’s determination to strike a deal with China clearly put the Chinese in a very favorable negotiating position. It would behoove Mr. Carney to have a talk with Mexican President Claudia Sheinbaum about the perils of economic surrender to China, especially as it relates to Chinese auto imports.
