Dow CEO Liveris optimistic on US fiscal cliff resolution

03 December 2012 19:22  [Source: ICIS news]

NEW YORK (ICIS)--US-based Dow Chemical’s chief executive Andrew Liveris is optimistic about a positive resolution to the US fiscal cliff, while the company is not feeling any major impact thus far, he said on Monday.

The US fiscal cliff refers to automatic spending cuts and tax hikes amounting to $600bn-800bn (€462bn-€616bn), starting on 1 January, if the president and Congress cannot come to an agreement on economic policy.

“I am optimistic that we won’t go off the cliff, and there will be more meetings on this that I’m a part of next week,” Liveris said at a media event during Dow’s annual investor meeting.

“We believe there will be a solution that will appease the markets,” he added.

Liveris is the co-chair of US president Barack Obama’s Advanced Manufacturing Partnership, formed in June 2011 to ensure a competitive manufacturing sector.

So far, Dow is not seeing any major negative effect over worries about the fiscal cliff, said the CEO.

“Taking a holistic view of this, we are suffering more from the China slowdown more than anything in the US,” said Liveris.

“The US has been a bright spot in the world. But as the fiscal cliff looms, it is creating a haze that needs to dissipate,” he added.

The key US automotive and construction sectors have additional upside “if we don’t blow the fiscal cliff”, Liveris said.

($1 = €0.77)

By: Joseph Chang
+1 713 525 2653

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