The dropping of both the ethanol subsidy and the import tariff on ethanol.
At issue is whether a tax that can be avoided by producing locally is an import tariff in disguise.
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This month it has sought to douse the ardour with a sharp increase in the import tariff on gold.
But this market depends on the corn price being so high as to make it profitable to pay the import tariff.
The EU's gradual cut in its import tariff on bananas from Latin America, from 176 per tonne, to 114 in 2017 will make Latin American bananas more competitive.
The boom in ethanol has been driven by three main components--a blenders' credit that creates an incentive for producers who add ethanol to their fuel, an import tariff that keeps out foreign competitors, and a renewable fuels standard that sets the level of production.
Even if China does away with import quotas and dismantles tariff barriers, its markets will not be free in any meaningful sense.
It wants to suspend Mercosur's tariff so it can abolish import duties on capital equipment while raising those on consumer goods to 35% both currently average 14% in the hope that this will boost growth (see article).
Worse, some of the generous support Uncle Sam provides to domestic ethanol producers a tax credit and a tariff that shields U.S. makers from import competition are due to expire at year-end.
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In contrast, Mr. McCain has even proposed tax cuts here, pledging to repeal the 54 cents per gallon tariff on sugar-based ethanol, as well as sugar import quotas, which should help to lower prices for gas and food.
In the first instance, this would allow Timor to import 45, 000 cars wholly made in South Korea free of duty (the tariff rate for other cars entirely made abroad is 125%).
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