ao link

News

Linked In
RSS
https://twitter.com/Agrimoney
http://www.newsnow.co.uk/h/Industry+Sectors/Agriculture

Brazil to raise ethanol import quota after Trump meeting - report

TwitterLinkedineCard

Brazil will raise the tariff-free quota for ethanol imports to 750m litres (198m gallons) per year, following a meeting between top officials and US President Donald Trump, according to Brazilian newspaper Valor Economico.

 

The previous tariff-free quota was 600m litres and expired over the weekend. Imports beyond the quota are subject to a 20% import tariff. Raising the quota is seen mainly benefiting the United States, the world’s largest ethanol producer.

 

The shift would result in a reduction of 270m reais ($65.54m) in tariff collections, Valor reported on Saturday.

 

Brazil’s Foreign Minister Ernesto Araujo and President Jair Bolsonaro’s son Eduardo met with Trump at the White House on Friday, telling reporters afterward that the conversation ranged from trade to the Amazon rainforest fires but that there was nothing to immediately announce.

 

Brazil’s Foreign Ministry and Agriculture Ministry did not immediately respond to requests for comment.

 

Brazil sugar industry group Unica praised the decision as a step toward market openness and an eventual opening of the United States to more Brazilian sugar.

 

"It was important for Brazil to make a gesture in favour of trade openness with the US, with home we’re seeing a broad free trade agreement," Unica said in a statement.

TwitterLinkedineCard
Related Stories

Evening markets: Grains suffer touch of late-week profit taking

The likes of corn and wheat trade lower in closing deals of a positive week. But the vegetable oil complex, and canola, stay strong

Evening markets: Weather worries keep a bid under ags

US export sales data for grains prove disappointing. But there are enough concerns over dryness and cold to keep the likes of sugar and wheat trending higher

Thai sugar output, exports to revive despite cane area dip

A recovery in yields towards the end of the latest harvest will set the tone for next season, when Thai exports will revive to their third highest ever

Evening markets: Double trouble sends ag commodity prices soaring

Worries over inflation combine with weather concerns to send prices in an array of ags higher. Corn and rapeseed hit multi-year highs
Home | About | RSS | Commodities | Companies | Markets | Legal disclaimer | Privacy policy | Contact

Our Brands: Comtell | Feedinfo | FGInsight

© Agrimoney.com 2021

Agrimoney.com and Agrimoney are trademarks of Agrimoney Ltd
Agrimoney is part of AgriBriefing Ltd
Agrimoney Ltd is registered in England & Wales. Registered number: 09239069