The American Chemistry Council (ACC) issued a statement a few days ago that the current severe trade war risks between China and the United States pose a threat to the plastic and chemical industries.
Recently, trade disputes between China and the United States have been escalating. From the taxation lists issued by both parties, energy and chemical products are important categories. In response, Cal Dooley, president and chief executive officer of ACC, stated in a statement: “U.S. chemical manufacturers believe that the principle of free and fair trade should apply to all WTO members, including China. We strongly urge the governments of the United States and China to further their trade disputes. Before the upgrade, work together to reach a satisfactory, mutually beneficial decision."
Cal Dooley said that China is one of the most important trading partners of the US chemical industry. In 2017, the United States exported 11% of its total export volume to China, accounting for US$3.2 billion. “We are particularly concerned that 40% of the new tariff products designated by China are chemical products, including polyethylene, polyvinyl chloride, polycarbonate, acrylic esters, etc. Based on current tariff arrangements, investment in the United States is close to 185 billion yuan. With the construction of new US dollars, expansion, and restart of chemical projects, investors may go elsewhere to do business, and we strongly urge the United States and China to reach a fruitful and meaningful agreement before any proposed tariff arrangement enters into force.