“The United States and Mexico struck a deal Monday to avoid tariffs on imports of Mexican sugar, staving off the Mexican government’s threat to retaliate with a case against the U.S. at the World Trade Organization,” Pro Trade’s Victoria Guida reports. “Under the terms of the agreement, Mexican producers commit not to sell refined sugar at a price lower than roughly 23 cents per pound, and not to sell all other sugar at less than nearly 21 cents per pound.
“The Commerce Department had placed preliminary anti-subsidy duties of up to 17 percent on Mexican imports in August, and would have added preliminary anti-dumping duties of up to 47.26 percent on top of that, a Commerce fact sheet explains. But the deal revokes the preliminary anti-subsidy duties and heads off those preliminary anti-dumping duties.
“The draft agreement will be finalized after a public comment period, with comments due by Nov. 10. Once the deal goes through, U.S. Customs and Border Protection will refund cash deposits posted as a result of the preliminary anti-subsidy duties.”
Source: www.politico.com