Tidewater Renewables said in an earnings release last week that it has been actively engaged in discussions with the Government of Canada and the Government of British Columbia regarding potential modifications to low carbon fuel policies that currently allow subsidized United States renewable diesel producers to take advantage of overlapping U.S. and Canadian policies.
The Corporation has engaged external trade law counsel for the purposes of advising on and preparing a trade remedy complaint against renewable diesel imports from the U.S. that management believes are unfairly priced and having a significant negative impact on the competitiveness of our domestic operations.
Based on available information and advice, management believes that a trade case against renewable diesel imports from the U.S. has a reasonably high likelihood of success.
Preparation of the Corporation’s trade complaint is progressing at pace. Filing of a complaint may occur before the close of 2024 and, if a government investigation initiates and concludes that unfairly traded imports are harming Canadian production, duty relief would then be available in 2025.
