- July 16, 2018
- 721 views
This is an important topic for the energy, indsutrial & chemical engineers and professionals. 3 major organizations are highlighting the issues: The American Chemistry Council (ACC), joined with the American Petroleum Institute and the Association of American Railroads published a commentary in the Washington Examiner denouncing the new tariffs.
ACC said in a July 11 statement. “Unilateral actions that alienate long-standing U.S. allies and close off the U.S. market to the rest of the world are not a recipe for economic growth and prosperity and are very unlikely to change China’s unfair practices.”
The U.S. has already imposed 25% tariffs on several Chinese products, most of which are machines and industrial tools. The 25% tariff on steel is of concern because construction of new chemical and plant construction requires such massive amounts of the material, the groups said.
“As an industry that touches 96% of all manufactured goods and which has much to gain from a productive, respectful trading relationship with China, ACC and our members remain hopeful that the U.S. and China can resolve their differences and prevent further harm to U.S. manufacturers, farmers, and consumers. We strongly urge the Administration to create a strong, multilateral coalition to bring an end to this unnecessary trade war,” the ACC said.