Le Lézard
Classified in: Business
Subjects: FOR, TRD, AVO

ACC Comments On Chinese Announcement Of Potential Retaliatory Tariffs On U.S. Exports


WASHINGTON, April 4, 2018 /PRNewswire-USNewswire/ -- 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 U.S. 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 U.S. 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 $3.2 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 $185 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."

www.americanchemistry.com/newsroom

The American Chemistry Council (ACC) represents the leading companies engaged in the business of chemistry. ACC members apply the science of chemistry to make innovative products and services that make people's lives better, healthier and safer. ACC is committed to improved environmental, health and safety performance through Responsible Care®; common sense advocacy designed to address major public policy issues; and health and environmental research and product testing. The business of chemistry is a $768 billion enterprise and a key element of the nation's economy. It is among the largest exporters in the nation, accounting for fourteen percent of all U.S. goods exports. Chemistry companies are among the largest investors in research and development. Safety and security have always been primary concerns of ACC members, and they have intensified their efforts, working closely with government agencies to improve security and to defend against any threat to the nation's critical infrastructure.

SOURCE American Chemistry Council


These press releases may also interest you

at 07:29
In a strategic move to address the growing talent shortage in the global construction equipment industry, XCMG Machinery (SHE:000425, "XCMG") has launched an extensive cross-training program for its employees from XCMG Global Business Headquarters....

at 07:05
Syngenta Group today announced financial results for the fourth quarter and full year 2023. Syngenta Group sales for full year 2023 were $32.2 billion, down $1.2 billion or 4 percent year-on-year (-1% CER). Full year EBITDA decreased 18 percent...

at 07:00
Scrum Ventures, a San Francisco and Tokyo-based early-stage venture capital firm, announced that NBA Champion and entrepreneur Kyle Kuzma, will join the fund as an advisor....

at 07:00
Operation HOPE announced today that "FINANCIAL LITERACY FOR ALL," the latest book by its Founder and CEO John Hope Bryant, has reached #1 on Amazon for Economics, prior to its April 16, 2024 release. From the best-selling author of "Up from Nothing,"...

at 06:37
According to a Department of Justice press release, a South Carolina man was recently sentenced to serve time in federal prison after a criminal tax conviction. This story should serve as a reminder that the consequences of intentionally dodging tax...

at 06:17
NEI Global Relocation's latest whitepaper, "2024 Relocation Trends | Manufacturing," provides a compelling look into how innovative relocation strategies are crucial for the manufacturing sector's talent acquisition and retention efforts. This comes...



News published on and distributed by: