Grassley upset with Mexican tax on corn syrup

Senator Charles Grassley’s steamed about a tax Mexico has imposed on a main ingredient in soft drinks. A 10 to 20 percent tax on high fructose corn syrup was imposed by Mexico January 1st. He says the tax violates the North American Free Trade Agreement and is inviting the U-S to retaliate with a tax on Mezcal.Mezcal is an alcoholic beverage made in Mexico. Grassley says the Mexicans are using the corn syrup tax to try to force U-S companies with soft drink factories in Mexico to use their locally grown cane sugar instead. Grassley says it’s quite a hit on the U-S economy, as it’ll cost American farmers 66 million dollars and the corn syrup industry 244 million. Grassley says the tax threatens the North American Free Trade Agreement.Grassley says it’s the kind of approach to trade that damaged the world economy in the 1930s.