The Department of Finance Canada recently announced that it intends to apply a 25% surtax on imports of steel and aluminum products from China, effective October 15th, 2024, along with a 100% surtax on Chinese-made EVs.
An initial list of goods affected by this steel and aluminum surtax has been laid out by the Department of Finance Canada for public comment with the intention of releasing a final list of goods on October 1st. Comments on this matter can be made to directly to Finance Canada. The surtax is set to take effect on October 15th, 2024.
This is a courtesy notice to inform you that this surtax will increase the amount payable to the Canada Border Services Agency (CBSA) on affected steel and aluminum goods originating from China beginning on and after that date. Notably, the surtaxes will not apply to Chinese goods already in transit to Canada on the day these surtaxes come into force.
In an effort to protect Canadian industries, the Canadian Government will be releasing a consultation notice in the coming days with the intention of identifying additional sectors ‘critical’ to Canada’s continued growth, including batteries and battery parts, semiconductors, solar products, and critical minerals.
In addition to the increased surtaxes on Chinese-made EVs, the Canadian Government intends to limit eligibility for EV-related incentives to countries that have negotiated free trade agreements with Canada.
For further information on the steel surtaxes, the coming consultations, EV incentives eligibility, and related details about the new surtaxes being levied against Chinese-made EVs, please read the complete news release for all the details.
The services listed below are designed to help investigate and find potential solutions for the landed cost implications these surtaxes can pose, including:
We recommend contacting our Trade Advisory Team by emailing consulting@pcb.ca or calling 888.538.1566 to begin exploring these options.
