Punish the People Like consumers elsewhere in the world, Indians are now paying about double for vegetable oil what they paid a year ago. This is a bargain when one considers that Chicago July soyoil futures are up 150 percent from last year. India is the world’s largest importer of vegetable oil despite imposing import tariffs north of 30 percent. The tariffs are intended to boost domestic oilseeds production, but they have failed miserably. Ten years ago, India produced 24.1 MMT of cottonseed, palm kernel and soybeans; this year its production is 23.5 MMT. The only thing accomplished by the levy is punishment of the Indian consumer. Chump Trade Policy Trump trade policy involved imposing tariffs to create leverage for negotiating...

TAGS – North America, India, China