Threats of a trade war between the U.S. and China have been brewing for some time now, and many U.S. industries have acknowledged that they would face serious consequences if one were to erupt. As The American Chemistry Council made clear this week, the U.S. chemical industry is not immune.
According to the council, 40 percent of the products China intends to target are chemicals and plastic. In plastic resins last year alone, China imported $3.2 billion worth, making up 11 percent of the U.S. market.
The council represents Dow, DuPont, and other major chemical companies, and says its members had planned to put $185 million in U.S. factories, both expansions and new projects. However, a trade war with China would significantly hinder those plans.
Council President and CEO Cal Dooley “strongly urge[s] both the U.S. and Chinese governments to work together to come to a satisfactory and mutually beneficial decision before this situation escalates further.”
This story and trade war threats are still developing. Those in the chemical industry, as well the food, farming, and auto industries are encouraged to remain in the loop.
(Source: The Associated Press)
