EU Re-Introduces Maize Import Tariff With €5.48 Per Tonne Levy
The European Union has re-introduced an import duty for maize (corn), setting a levy of €5.48($6.42) per tonne, the bloc announced in its official journal on Wednesday.
The tariff, effective as of Wednesday, will also apply to rye and sorghum imports.
Slump In US Prices
The bloc in late April imposed an import duty after a slump in US prices to a 10-year low linked to the coronavirus pandemic, ending an extended period of zero tariffs.
The bloc then raised the levy to as much as €10.40 before reducing it in stages back to zero as maize prices rebounded.
US maize and ocean freight rates have slipped again in the past month, taking the cost of imported US supplies below a regulatory price floor for 10 consecutive days.
The EU can adjust its tariff as its 10-day rolling average of import prices varies, and removes the duty once prices rise back above the price floor.