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Canada Mulls Surtax on Chinese Critical Mineral Products, Batteries, Solar Products

The sun rises against high-rise buildings in Beijing on September 6, 2024. (Photo by ADEK BERRY / AFP)
The sun rises against high-rise buildings in Beijing on September 6, 2024. (Photo by ADEK BERRY / AFP)
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Canada Mulls Surtax on Chinese Critical Mineral Products, Batteries, Solar Products

The sun rises against high-rise buildings in Beijing on September 6, 2024. (Photo by ADEK BERRY / AFP)
The sun rises against high-rise buildings in Beijing on September 6, 2024. (Photo by ADEK BERRY / AFP)

Canada has said it was considering a potential surtax on Chinese critical mineral products, batteries and parts, solar products, and semiconductors, a move which could prompt more retaliation from Beijing.
Canada announced last month it would impose a 100% tariff on imports of Chinese electric vehicles and announced a 25% tariff on steel and aluminum from China.
According to Reuters, the finance ministry said in a statement it was launching a 30-day public consultation period on the potential surtax. It ran a similar exercise before the first tariff announcement.
"Canadian workers, the auto sector, and related critical manufacturing supply chains currently face unfair competition from Chinese producers, who benefit from China's intentional, state-directed policy of overcapacity," it said.
A Chinese embassy spokesperson described the Canadian announcement as "expanding its unilateralism and protectionism measures,” adding that "China strongly opposes such measures and will continue to take resolute measures to defend its legitimate rights."
China, which deplored the tariffs unveiled in August, announced on Monday the start of a one-year anti-dumping investigation into imports of rapeseed from Canada.

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Oil Recovers after Slide as US Inventory Drop

A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk/ File Photo Purchase Licensing Rights
A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk/ File Photo Purchase Licensing Rights
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Oil Recovers after Slide as US Inventory Drop

A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk/ File Photo Purchase Licensing Rights
A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk/ File Photo Purchase Licensing Rights

Oil climbed more than 1% on Wednesday, paring some of the previous day's losses, as a drop in US crude inventories and concern about Hurricane Francine disrupting US output countered concerns about weak global demand.

US crude stocks fell by 2.793 million barrels, gasoline declined by 513,000 barrels and distillates inventories rose by 191,000 barrels, according to market sources citing the latest week's American Petroleum Institute figures on Tuesday.

Brent crude futures were up $1.10, or 1.6%, to $70.29 a barrel at 0807 GMT, while US crude futures gained $1.11, or 1.7%, to $66.86.

"The API provided some comfort as it showed a sizable decline in crude oil stocks, a forecast-beating draw in gasoline and a tiny build in distillate inventories," said Tamas Varga of oil broker PVM, Reuters reported.

Both oil benchmarks tanked on Tuesday, with Brent falling below $70 to its lowest since December 2021 and US crude dropping to its lowest since May 2023, after OPEC revised down its 2024 oil demand growth forecast for a second time.

Concern about Hurricane Francine disrupting output in the United States, the world's biggest producer, also lent support, other analysts said.

"The market rebounded autonomously as Tuesday's drop was substantial," said Yuki Takashima, economist at Nomura Securities, adding supply disruption fears from Francine also lent support.

About 24% of crude production and 26% of natural gas output in the US Gulf of Mexico were offline due to the storm, the US Bureau of Safety and Environmental Enforcement (BSEE) said on Tuesday.

Following Tuesday's report from the API, an industry group, official inventory figures from the US government are due out at 1430 GMT.

Eleven analysts polled by Reuters estimated on average that crude inventories rose by about 1 million barrels and gasoline stocks fell by 0.1 million barrels.