Canada agrees to cut tariff on Chinese EVs in return for lower tariffs on Canadian farm products

Canada has agreed to cut its 100% tariff on Chinese electric cars in return for lower tariffs on Canadian farm products. Prime Minister Mark Carney made the announcement Friday after two days of meetings with Chinese leaders. He says there will be an initial cap of 49,000 vehicles on Chinese EV exports to Canada, growing to 70,000 over five years. China will reduce its tariff on the major Canadian export of canola seeds from about 84% to about 15%. Carney and Chinese leader Xi Jinping pledged earlier Friday to improve relations between their two nations after years of acrimony.