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" ... Remember too that Europe will now also import higher prices and exogenous increases in prices paid usually end up depressing/shifting domestic consumer demand, certainly in the near-term.This serves to drive the euro-zone trade suplus that much higher, not something the rest of the world is keen on experiencing. ... "
" ... So what we really have here is two industries digging their hands into our pockets. The corn industry gets huge subsidies and then makes the HFCS to get rid of some of the suplus. The sugar industry gets the tariff protection, doubling the price of sugar, which is the only thing that makes HFCS worth manufacturing. If we could all get sugar at world prices there would be no point in it at all. ... "