By Jarrett Renshaw

(Reuters) -President Donald Trump’s administration is considering delaying for one or two years its proposed cuts in incentives for imported biofuels amid pressure from U.S. refiners who argue the move could raise costs and tighten fuel supplies, according to two sources familiar with the matter.

The delay now under discussion could please domestic oil refiners that have invested in the bio-based diesel sector but would risk frustrating U.S. farmers and biofuel producers.

The proposal for the Environmental Protection Agency to slash the value of renewable fuel credits given by the U.S. government for imported biofuels was initially pitched this year as part of Trump’s “America First” energy agenda, aimed at boosting domestic production and reducing reliance on foreign

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