- Archer Daniels Midland (NYSE:ADM) -5.6% premarket as China sharply increases punitive tariffs on imports of distillers dried grains, a by-product of corn ethanol that is used as animal feed, from levels first proposed last year.
- China's Commerce Ministry, responding to complaints from the country's fledgling ethanol industry, ruled that anti-dumping duties will range from 42.2% to 53.7%, up from 33.8% in its preliminary decision in September.
- The decision is considered a blow to the larger U.S. ethanol industry, particularly ethanol trader ADM, producer Valero Energy (NYSE:VLO) and grains handler Andersons (NASDAQ:ANDE).
- The decision could escalate a trade dispute between the U.S. and China, and Pres.-elect Trump has threatened to impose punitive tariffs on certain Chinese goods coming into the U.S..
ADM -5.6% premarket as China hikes duties on U.S. ethanol by-product
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