Ethanol exports in March were 133 million gallons and more than a third of that went to China. The 48.3 million gallons exported to China is the second highest monthly total on record, just 8,278 gallons below April 2016. 

Recall that in 2016, China was the fastest growing market for U.S. fuel ethanol exports; at the time the tariff on imports was set at 5 percent. By December, however, China imported no ethanol as plans were in the works to push the tariff rate back up to 30 percent, which it did in January 2017. Subsequently, with the trade war retaliatory tariffs, the total duty increased to 45 percent – at least on paper, importers can apply for tariff relief.   According to a statement from the Chinese Ministry...