A group representing the largest soybean processors in the United States – including Cargill, Bunge and ADM – is asking the US government for tariffs on used cooking oil (UCO) to be higher than the 15.5% currently charged, a statement shows. from the National Oilseed Processors Association (Nopa) to its members, according to information from Bloomberg.
US processors are concerned about excessive UCO entering the country. This harms demand for commodities such as soybean oil, used in biodiesel production.
The US soybean industry claims that UCO from the Asian country is mixed with fresh vegetable oils, such as Palm oil, which would distort commodity values, in addition to undermining the North American country's biofuel laws.
On Tuesday (14), the Biden administration announced new tariffs on imported products of Chinese origin, but did not include Chinese used cooking oil. However, rumors indicate that they have not yet announced the UCO because they will introduce a higher tax for the product.
U.S. cooking oil imports tripled in 2023, with more than half coming from China, according to the International Trade Commission. US processors reduce soybean oil production, negatively impacting industry profits.
Source: datagro
