Ottawa: The federal government has announced $370 million in aid for Canadian canola producers who are facing major tariff threats from China. The federal government stated that the funds are intended to address “competitiveness challenges” after China imposed a 75.8 percent tariff on Canadian canola.
Speaking in Mississauga, Prime Minister Mark Carney announced the funds, stating they are meant to assist domestic producers and help them realign their value chains. Carney also said the government would amend its clean fuel regulations to “promote the development of a vibrant biofuel industry in Canada.” He added that the amount of interest-free advances would be temporarily increased to $500,000, and funding to help farmers diversify into new markets would also be boosted.
The Prime Minister’s Office announced that Saskatchewan Premier Scott Moe and Nova Scotia MP Cody Blois are departing for a three-day visit to China. The Saskatchewan government has made it clear that their primary focus is the removal of the Chinese canola tariff. In an email statement on Friday, Moe’s office expressed satisfaction with the financial assistance for canola producers. “However, our focus is on removing the Chinese tariff on canola. That is why Premier Scott Moe is going to China with the Prime Minister’s Parliamentary Secretary to hold discussions with the government and industry leaders,” the statement said.
China is the second-largest importer of Canadian canola products after the United States. Of the approximately $14.5 billion worth of canola products Canada exported last year, $4.9 billion went to China.
