The Department of Commerce (DOC) announced Wednesday that Argentina and Indonesia have been dumping cheap biofuel into the U.S. to drive domestic sellers out of the market.
Depending on the company, biofuel from Argentina was priced anywhere from 60.44 percent to 86.41 percent “less than fair value,” the DOC found. Biofuels from Indonesia were sold at prices 92.52 percent to 276.65 percent under value.
The U.S. Customs and Border Protection (CBP) will collect cash deposits on imports based on the rates by which each company was undercutting the market value of biofuel in the U.S. The amount of the deposits will be tacked on top of duties already on imports from the two countries that were instated to counteract government subsidies.
“Today’s decision allows U.S. producers of biodiesel to receive relief from the market-distorting effects of foreign producers dumping into the domestic market,” Commerce Secretary Wilbur Ross said in a statement. “While the United States values its relationship with Argentina and Indonesia, even our closest friends must play by the rules.”
Argentina and Indonesia biofuel exports to the U.S. skyrocketed 464 percent from 2014 to 2016. Nearly 20 percent of the market share of domestic producers was lost to the cheaper option, according to the National Biodiesel Board (NBD).
“It is reassuring to see the administration enforcing policies that put America first,” NBD Vice President of Federal Affairs Kurt Kovarik said in a statement. “Today’s decision provides room for the domestic biodiesel industry to flourish and produce more volumes of this American-made fuel, which provides so many economic and environmental benefits.”
The Daily Caller News Foundation is working hard to balance out the biased American media. For as little as $3, you can help us. Make a one-time donation to support the quality, independent journalism of TheDCNF. We’re not dependent on commercial or political support and we do not accept any government funding.
Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact firstname.lastname@example.org.