US increases duties on Argentina and Indonesia biofuel

The US Commerce Department has increased what were already punitive anti-dumping duties on biodiesel imports from Argentina and Indonesia, effectively blocking off palm and soybean derived fuels from entering the US market.

In an announcement published Thursday, the Commerce Department found that exporters from Argentina and Indonesia sold biodiesel at 60.44-86.41% and 92.52-276.65% less than fair value.

The initial finding in October said the producers had sold biodiesel at dumping margins of 54.4%-74.5% and Indonesia at 50.7%.

"As a result of today’s decisions, Commerce will instruct US Customs and Border Protection (CBP) to collect cash deposits from importers of biodiesel from Argentina and Indonesia based on these final rates," said a statement from the Department of Commerce.

"While the United States values its relationship with Argentina and Indonesia, even our closest friends must play by the rules," said Secretary Wilbur Ross.

In 2016, imports of biodiesel from Argentina and Indonesia were valued at an estimated $1.2 billion and $268 million.

The introduction of tariffs by the US on Argentinian soybean comes as the EU lost its WTO case to impose its own taxes, a move that has seen Argentinian soybean methyl ester (SME) appear in the European market.