Extra 45pc duty on sugar imports
BEIJING: China said yesterday it will impose hefty penalties on sugar imports after lobbying by domestic mills, but experts said the ruling may not go far enough to stem the flow of lower-priced sweetener into the world’s top importer.
The ruling, which will affect about a third of China’s annual sugar imports, introduces an extra tariff on shipments over a three-year period, which will fall slightly each year.
In the short term, it will inflict a blow on top growers Thailand and Brazil, as it will close the big gap between Chinese and international prices. Chinese sugar prices are around double those on the London market.
But traders said the higher tariffs