China on Tuesday announced a preliminary anti-dumping duty on Canadian canola imports — a fresh escalation in a yearlong trade dispute that began with Ottawa's imposition of tariffs on Chinese electric vehicle imports last August.

The provisional rate will be set at 75.8 per cent, effective from Thursday, the statement said.

China is the world's largest importer of canola — also known as rapeseed — and sources nearly all of its supplies of the product from Canada.

"This is huge. Who will pay a 75 per cent deposit to bring Canadian canola to China? It is like telling Canada that we don't need your canola, thank you very much," said one Singapore-based oilseed trader.

China's most active Zhengzhou rapeseed meal futures slid three per cent, the biggest daily drop since June 26.

The pol

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