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SINGAPORE (ICIS)–China’s latest tit-for-tat move in its 10-month trade war with the US will hit some key chemicals such as polymers, aromatics and methanol.
It announced late on Monday that it will raise tariffs on $60bn of US goods from 1 June, in response to the US’ tariff hike on $200bn worth of Chinese goods that took effect on 10 May.
China will impose a higher tariff rate of 25% on imports of toluene, xylene, paraxylene, methanol, purified terephthalic acid (PTA), polystyrene, acrylonitrile-butadiene-styrene (ABS), polyvinyl chloride (PVC) , toluene di-isocyanate (TDI) and methylene diphenyl di-isocyanate (MDI), among others.
These chemicals are currently levied tariffs of 10%. (Please see complete list below)
In a separate announcement issued on Monday night, China’s Ministry of Commerce said that Chinese importers can apply for tariff waivers to mitigate the impact of the trade war on operations.
The Chinese yuan has weakened amid the recent escalation of the US-China trade war.
Tier 1: Tariff rate hiked to 25% from 10%
Meter, but no more than 180 cm
Tier 2: Tariff rate hiked to 20% from 10%
Tier 3: Tariffs hiked to 10% from 5%
Levoprofen, mefenex, phentermine and their salts
Piperphenidone, fentanyl, ketometholone, methylphenidate, pentazin, pethidine, meperidine intermediate A, phencyclidine, piperididine, piperazine, piperazine Cyanamide, propidium and trimethylididine and their salts
Esters and other derivatives; cocaine esters and other derivatives
Additional reporting by Al Greenwood
Click here to view related stories and content on the US-China trade war landing page.
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