The European Council on Friday suspended customs tariffs for one year on some key nitrogen-based fertilizers, including ammonia and urea.
The decision comes amid ongoing war in Iran which is driving up fertilizer costs for farmers and threatens to ultimately trickle down to consumers’ grocery bills, likely next year.
According to the European Commission, which proposed suspending the tariffs back in February, the measure will save farmers and fertilizer producers an estimated €60 million in import duties.
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The suspension will only apply to products that have preferential access under the most favored nation rules, a trade advantage through the World Trade Organization.
