The EU removes import tariffs on corn

The European Union has decided to eliminate tariffs on corn imports due to the reduced forecast of the 2020/21 corn crop that caused a rise in corn prices in the US. Thus, the new tariff for corn, and also for rye, of the European Union is set at zero euros per ton, as of August 27, 2020, according to the European Commission. The revised rate is calculated on the basis of the difference between the European reference price and the world reference index for corn. These tariffs have been updated several times in recent months, starting with the import duty that increased from zero euros to 5.27 euros per tonne at the end of April due to a significant drop in the price of corn in the US, as a result of the collapse. of the demand for bioethanol in the country. The latest update set it at 5.48 euros per ton on August 12, 2020, again due to the fall in the price of corn ...