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Canada to Remove All Remaining Tariffs on Industrial Machinery and Equipment |
The Canadian government has adopted a plan to eliminate all remaining import tariffs on industrial machinery and equipment, which range from 2% to 15.5%. Under this plan, duties on 1,160 tariff items were removed as of March 5 and tariffs on the remaining 381 items will be phased out over a five-year period. Import tariffs on 214 such goods had already been eliminated in 2009 to help Canadian businesses lower their production costs, enhance their productivity and improve their overall competitiveness.
According to the Canadian Apparel Federation, half of all Canadian tariffs assessed on imported textiles have now been eliminated. Duties on other fabrics and yarns saw significant reductions and will be phased out over three to five years beginning in January 2011. |
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