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Financial News: ARGENTINA: U.S. Imposes Up To 64% Tariffs On

ARGENTINA: U.S. Imposes Up To 64% Tariffs On Biodiesel Imports

08/23/2017 - 15:08:00 (RTTNews)

(RTTNews) - The United States Department of Commerce has imposed tariffs varying between 50% and 64% on Argentinean biodiesel imports.

The move came after a claim filed by the National Biodiesel Board (NBB), which accused Argentinean producers of dumping through subsidies and unfair practices. The Argentinean biodiesel was entering the U.S. paying a 4.5% tariff.

Abiding by the same claim, the U.S. Department of Commerce sanctioned biodiesel imports from Indonesia with tariffs ranging from 41.06% to 68.28%.

"The United States values its ties with Argentina and Indonesia, but even friendly nations must abide by the rules," said the U.S. Secretary of Commerce Wilbur Ross in a statement. "The subsidization of assets by foreign governments is something that [Donald] Trump's administration takes very seriously, and we will continue to evaluate and verify the accuracy of this preliminary determination."

Argentina's Chamber of Biofuels (Carbio) criticized the move.

"The U.S. government's decision is surprising and unjustified, showing a high degree of discretion and a protectionist policy that is not in line with what the World Trade Organization has established," Carbio said.

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