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Chemical Businesses Caught In Crossfire of Escalating China-US Trade War

  •   31 May 2019
  •    Nora Wang
  •    2434
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    Chemical businesses in China and the US, along with dependent sectors downstream in the supply chain, are currently trapped in dire straits amid a protracted and worsening trade war between the two countries.

    On May 13, 2019, China announced tariffs ranging from 5% to 25% on 5,140 US products on a $60 billion target list. Products affected include beverages, batteries, and chemicals, among many others. The Chinese Ministry of Finance said the tariffs will take effect starting from June 1, 2019. [1]

    This is a retaliation initiated against the US which increased tariffs to 25% on $200 billion of Chinese imports days ago. And there is now a further worry: US President Donald Trump has threatened to impose additional tariffs on $325 billion of Chinese imports.

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