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The Big Story
Will Canada's EV tariffs on China actually work?
Aug 30, 2024
Canada's bold move to impose a 100% tariff on Chinese electric vehicles raises questions about its real impact. As the country follows the US's lead, the economic and political implications are under scrutiny. The discussion also highlights the complexities of such tariffs and their potential to burden consumers. Alternatives like consumer education and adjustments to gasoline prices emerge as more effective strategies for promoting electric vehicle adoption. Meanwhile, the hidden costs of intermediate tariffs might surprise many, leading to higher prices at the consumer level.
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Quick takeaways
- Canada's 100% tariff on Chinese electric vehicles is politically motivated, primarily aimed at garnering voter support rather than economically enhancing local production.
- A more effective strategy for promoting EV adoption may involve implementing a carbon tax to align fuel prices with their environmental costs.
Deep dives
Impact of the New Tariffs
The Canadian government recently announced a 100% tariff on Chinese-made electric vehicles, aiming to limit imports and protect local industries. This measure, while politically significant, raises the price of Chinese EVs dramatically, potentially doubling their cost in the Canadian market. For instance, a $12,000 Chinese electric vehicle could, under this tariff, sell for $24,000, leading Canadian producers to also increase their prices to match. This tariff could generate extra revenue for the government but ultimately shifts the burden onto consumers, resulting in higher prices for all EVs in the market.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode