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EU extends tariffs on U.S. biodiesel for five years

Stock MarketsAug 02, 2021 07:31AM ET
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© Reuters. FILE PHOTO: E85 ethanol fuel is shown being pumped into a vehicle at a gas station selling alternative fuels in the town of Nevada, Iowa, December 6, 2007. REUTERS/Jason Reed

BRUSSELS (Reuters) - The European Union will retain its tariffs on U.S. biodiesel for a further five years after concluding that removing them would likely lead to a surge of imports at artificially low prices.

The tariffs, dating back to 2009, will be extended until 2026, the EU official journal said on Monday.

The European Commission, which reviewed the case, concluded that U.S. producers could increase to full capacity and also divert sales from some of their exports from less profitable markets to the European Union, the world's largest market.

It said U.S. producers were already selling to third countries at prices below those in the United States, meaning they were being dumped.

It also said U.S. producers were benefiting from subsidies, including tax credits, grants and loan guarantees.

The anti-dumping duties range from zero to 198.0 euros ($235.36) per tonne, and duties related to subsidies from 211.2 to 237.0 euros per tonne. The duties are not cumulative, so whichever is the higher rate of the two forms of duties applies.

They will continue to be imposed on a range of companies, including Archer Daniels Midlands Co and Cargill.

The initial case was brought by the European Biodiesel Board on behalf of EU producers such as France's Saipol and Germany's Verbio.

EU extends tariffs on U.S. biodiesel for five years
 

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