Jamie Wilton, trader for RJ O’Brien in Winnipeg, said he and the canola trade is watching and waiting while Prime Minister Mark Carney visits China this week.
China bought fewer goods from Canada last year for the first time since 2020, according to Chinese data released on the same day as Prime Minister Mark Carney starts his China visit.
Prime Minister Mark Carney departs for China on Tuesday, where he will discuss trade and international security at a time when Canada faces uncertain relations with the U.S. due to a trade war and annexation threats from President Donald Trump.
China’s most active Zhengzhou rapeseed (canola) meal futures fell on Monday, hovering near their lowest point in more than two weeks, as news of Prime Minister Mark Carney’s visit to China this week boosted sentiment around a potential canola-related deal.
Prime Minister Mark Carney will visit China January 13-17, his office said on Wednesday, in what will be the first visit by a Canadian prime minister since 2017.
Canada’s Prime Minister Mark Carney embarks on his first official visit to Asia on Friday in an attempt to deepen trade and security ties at a time when the North American country is struggling to lessen its overwhelming dependence on the U.S. and redefine its foreign policy in pursuit of new markets.
U.S. President Donald Trump intensified his criticism of Canada on Friday after terminating trade talks over a Canadian political advertisement that used Republican icon Ronald Reagan saying tariffs cause trade wars and economic disaster.
Canadian Prime Minister Mark Carney on Tuesday expressed caution after a newspaper reported he might soon sign a trade deal on steel and aluminum with the U.S., saying “I wouldn’t overplay it.”
Prime Minister Mark Carney on Thursday said he expected to meet senior Chinese leaders soon but sidestepped a question about dropping tariffs on Chinese electric vehicles in exchange for relief from Beijing’s duties on canola.