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US, China rivalry poses risk to plastics industry

April 09/2018

MOSCOW (MRC) -- China's list of U.S. products that could be taxed upon export, threatens the United States plastics and chemicals industry, according to the American Chemistry Council, reported Hydrocarbonprocessing.

The US announced imposed tariffs on imports of Chinese steel and aluminum and China responded with a list including, low-density polyethylene, polyolefin elastomers and plastomers, polyvinyl chloride resin, polyamide 66 resin, aromatic and semi-aromatic PAs and their copolymers, and epoxy resin.

American Chemistry Council (ACC) President and CEO Cal Dooley issued the following statement in response to the announcement by China that it plans to impose tariffs on billions of dollars in US exports following U.S.-imposed tariffs on imports of Chinese steel and aluminum:

"U.S. chemical manufacturers believe the principles of free and fair trade should apply to all members of the WTO, and that includes China. However, engaging in a trade war with one of our country's most significant trading partners is not the answer. We strongly urge both the US and Chinese governments to work together to come to a satisfactory and mutually beneficial decision before this situation escalates further.

"China is one of the U.S. chemical industry's most important trading partners, importing 11 percent, or USD3.2 billion, of all U.S. plastic resins in 2017. We are particularly concerned that 40 percent of the products to which China has assigned new tariffs are chemicals, including polyethylene, PVC, polycarbonates, acrylates, and others.

"Nearly USD185 billion in new chemical factories, expansions and restarts of facilities around the country are predicated on current tariff schedules, and market shifts caused by tariff increases may convince investors to do business elsewhere. We strongly urge the U.S. and China to reach a productive and meaningful agreement before any of the proposed tariff schedules go into effect."


mrcplast.com
Author:Margaret Volkova
Tags:acryl, PVC, PC, PP, PE, LDPE, elastomer, poliamid, Polyamide PA66, China, USA.
Category:General News
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