Ethanol Markets Unaffected by Higher Chinese Tariff
Chinese import tariff on undenatured U.S. ethanol will rise from 65% to 75%
U.S. and Asian ethanol markets on Wednesday were unaffected by the announcement that the Chinese government would hike the import tariff on undenatured U.S. ethanol to 75% from 65%, S + P Global reports.
"The 65% duty [on undenatured ethanol] had already killed the trade flow between the U.S. and China. The 10% hike will not make a big difference," an Asia-based trader said.
The higher tariff, announced Tuesday, was part of a larger retaliation against U.S. tariffs in escalating trade tensions between the two countries.