As Argentina was reeling from new U.S. tariffs on its biofuel industry, China stepped in to reduce the economic uncertainty, proving that a friend in need is a friend indeed. On Aug. 22, the United States imposed 50-64 percent import tariffs on Argentine biodiesel imports, arguing that Argentine subsidies created unfair competition for U.S. biodiesel producers. The U.S. decision left the Argentine biodiesel industry with around 1.5 million tons of soybean oil -- which Argentine producers use to make biodiesel -- in dire need of an alternative market. China is that market. On Aug. 24, China's state-owned Sinograin announced that it would resume soybean oil imports from Argentina....
