US President Donald Trump’s administration is considering raising the proposed tariff rate on $200bn in Chinese goods to 25% from 10%, US Trade Representative (USTR) Robert Lighthizer said on Wednesday.
The 25% duty would apply to the list of products the USTR announced on 10 July, which includes a large portion of petrochemicals and other oil products.
The American Chemistry Council (ACC), which has repeatedly urged the Trump administration not to engage in a trade war, said the proposed increase would be devastating for US chemical manufacturers.
“Small and medium-sized enterprises in particular are at risk of being put out of businesses by a cost-increase of that kind,” ACC president Cal Dooley said. “We implore the President to let this be the final provocation and negotiate with China to bring an end to this trade war.”
The first round of US tariffs on $34bn on Chinese goods began on 6 July. China responded with proportional tariffs on US goods.
By David Haydon
Source: ICIS News
This is the first acquisition by Iberchem since it was acquired by Croda in November 2020 and it is expected to play an important role in Iberchem’s plan to increase its offering of sustainable and natural certified fragrances.
ICL, a leading global specialty minerals and specialty chemicals company, has entered into a definitive agreement to acquire Compass Minerals América do Sul S.A. for approximately $402 million.
OMV says its European petrochemical net margins in the first quarter of 2021 rose sequentially compared with the fourth quarter, reversing momentum after four previous periods of declining margins.
