China’s Ministry of Commerce announced on Tuesday that a preliminary 75.8 per cent duty on Canadian canola seed would go into effect on Thursday, sending canola futures on the Intercontinental Exchange down as much as 6.5 per cent.

The US and China have extended their trade truce for another 90 days, just hours before the world's two biggest economies were set to raise tariffs on imports of each other's goods. On Monday, US President Donald Trump signed an executive order to keep the pause in place until 10 November, while Beijing also announced an extension.

President Donald Trump on Monday extended a tariff truce with China for another 90 days, setting the stage for broader negotiations between the world’s two biggest economies.