Trade and geopolitical tensions are weighing on the global EV market. On Monday, Reuters reported that Canadian Prime Minister Justin Trudeau announced that Canada would impose a 100% tariff on Chinese electric vehicle imports. In addition, Ottawa will levy a 25% tariff on imported steel and aluminum from China.
These moves align Canada with similar actions taken by the United States and the European Union, following a 30-day public consultation on Chinese EVs and related products.
“We all know that China is not playing by the same rules,” Trudeau said.
The tariffs come as Ottawa seeks to position Canada as a critical player in the global EV supply chain, having already secured multi-billion-dollar deals with top European automakers to strengthen its manufacturing base.
EV Sector Slumps As Demand Falters, Competition Grows
The electric vehicle (EV) sector, once heralded as a driving force for economic growth, is struggling to find its footing as demand stalls and competition intensifies.
The KraneShares Electric Vehicles and Future Mobility Index ETF (NYSE:KARS), tracking 67 EV-related stocks, plunged ...
