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Canadian canola industry could take $1B hit in wake of Chinese trade actions: report

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Canada’s canola industry could take a $1-billion hit in the wake of Chinese trade actions, according to a new report from an international credit rating agency.

Amanda Stephenson, The Canadian PressCALGARY —

“While there is no certainty on when China will levy tariffs, how meaningful they could be, and for how long they would remain in place, the tariffs could have a meaningful impact,” the report stated, warning both global canola trade flows and Canadian grain handling companies could be affected. The move to target canola came days after Canada announced a plan to impose tariffs on Chinese-made electric vehicles, steel and aluminum.

Industry estimates peg the cost to the Canadian canola sector of that action at $1.5 billion to $2.4 billion between 2019 and 2020.

 

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