The Chinese government has applied 40% tariffs on sugar imports on top of a 50% duty on over-quota volumes. Panjiva data shows this is likely aimed at Brazil, whose exports to China expanded 163% in the first quarter on a year earlier. They accounted for 77% of Chinese imports, which nearly doubled as a result, resulting in pressure on local producers. The main losers may be Mexican farmers. Brazilian volumes may go to the U.S. if a new deal between America and Mexico on sugar can’t be reached. Mexican shippers meanwhile won’t be able to replace Brazilians in China because of the new tar...
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