China, the world’s biggest sugar importer, said on Monday it will impose hefty penalties on imports of the sweetener to protect its domestic producers, in the first ruling to come out of a months-long probe.
China’s ministry of commerce said it will raise the duty on out-of-quota sugar imports for this fiscal year from 50 per cent to 95 per cent after its domestic industry was “seriously damaged” by a tide of imports since 2011.
The raised tariffs were widely expected after Beijing launched its probe into sugar imports last year. Those expectations were “one of the factors behind the rise in Chinese sugar prices at the end of 2016,” according to the US department of agriculture.
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