Recent Trade News
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Reduced Inspection Frequencies For Meat Imported From Australia And New Zealand
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Tariffs Raised on Imports from 70 Countries – But Dropped for Sports Equipment and Baby Clothes
By Steven Chase, The Globe and Mail Mar 26, 2013
The Harper government is hiking duties on imported goods from more than 70 countries including China to help retire the deficit faster – a move that could cost Canadian consumers $330-million more per year in higher retail prices.
The 2013 budget measure overshadows a $76-million tariff-rate break for foreign sports gear and baby clothes also announced Thursday that the Harper government played up as an effort to address consumer frustration about excessively high retail prices.
The higher duties will be applied to rapidly developing countries – six dozen in all – that Ottawa argues don’t need a special discounted duty rate any more. These include China, Russia, Brazil and India.
Since 1974, Canada has granted developing countries a break on the barriers to selling goods here as a means of promoting their economic growth and helping diversify their exports. These shipments enjoyed what is called the General Preferential Tariff, which was roughly 3 percentage points lower – $3 per $100 of value – than that applied to imports from major industrialized countries.
Read Full Article on The Globe and Mail »