26 Mai 2006

President Bush ready to withdraw import duties on ethanol

A battle stands out at the Americas Convention on a possible withdrawl of customs duties on the imports of ethanol.

Based on an idea of President Bush supported by some but greatly contested by the agricultural Sector Republican senator Judd Gregg (New Hampshire) and Democrat senator Charles Schummer New York presented last week a proposition of law on the withdrawl of customs duties on ethanol which is produced in big quantity notably in Brazil.

They took up President Bush’s thought that being short of a necessary product, it was logical to drop customs duties that would allow the import of ethanol. Ethanol imports are taxed at the rate of 54 cents by gallon.

Source: oleoline.com May 26, 2006.

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