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The European Union has reintroduced an import duty on maize (corn). It has set a price of 5.48 euros ($ 6.42) per tonne of maize. The block was announced in its official journal on Wednesday (August 12, 2020).
The tariff, effective as of Wednesday, will also apply to rye and sorghum imports.
The bloc in late April imposed an import duty after a slump in U.S. prices to a 10-year low linked to the coronavirus pandemic, ending an extended period of zero tariffs.
The bloc then raised the levy to as much as 10.40 euros before reducing it in stages back to zero as maize prices rebounded.
U.S. maize and ocean freight rates have slipped again in the past month, taking the cost of imported U.S. supplies below a regulatory price floor for 10 consecutive days.
The EU can adjust its tariffs due to a 10-day revolving average change in the price of its imports and remove tariffs once prices rise above the floor price.
Source: Online/SZK
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