Polyurethanes

NEW YORK (ICIS)–It has been a long time coming and there is plenty more time before the chemical industry finally sees a meaningful upturn in the durable goods cycle, in turn giving a much-needed boost to commodity chemicals, according to Jefferies. “We expect demand stabilization in 2025, with a restock cycle and a rate-driven durables goods cycle in 2026-2027 to set the stage for the next period of tight commodity chemical supply/demand balances – MDI (methylene diphenyl diisocyanate) and methanol first, in our view, then acetyls, then olefins,” said Laurence Alexander, analyst at Jefferies, in a research note. In his base case scenario, the analyst sees US durable goods demand flat to down 3% in 2025 and up around 10% in 2026. The anticipated turn in the cycle for housing and durable goods would be a strong catalyst for shares of Eastman, Huntsman, Avient and DuPont, he pointed out. For chemicals in the near term, Alexander expects Q3 2024 to show a return to “normal seasonality” and Q4 volume outlooks to be trimmed 1-2% on more caution on the Christmas spending season – especially in Europe – as well as automotive production this winter. TRIMMING OUTLOOK FOR CELANESEGiven the softer near-term outlook, the Jefferies analyst also trimmed his earnings per share (EPS) estimates on Celanese for Q3 (by $0.06 to $2.84), Q4 (by $0.05 to $3.09) and for 2025 (by $0.10 to $10.40). “Credit easing is likely needed to trigger a demand rebound, and any tailwind from an improved credit environment will likely not be evident until mid-2025 at the earliest,” said Alexander. “Although destocking has faded, demand trends remain broadly sluggish with few signs of a recovery. European demand has yet to trough, North America is flattish and the recovery in Asia has been muted,” he added. By end-market, he sees electronics likely rebounding but at a slower pace until consumer confidence improves and automotive production accelerates. Consumer durables and construction demand is likely to remain soft into next summer. And automotive demand is muted overall, with headwinds to production schedules likely in the near term. Longer term, he expects better momentum in electric vehicle (EV) sales in China. Focus article by Joseph Chang

16-Sep-2024

SINGAPORE (ICIS)–Energy giant Saudi Aramco has signed new agreements to advance separate expansion plans with Chinese petrochemical producers Rongsheng and Hengli. Signing conducted during China Premier Li’s state visit to Saudi Arabia Deals with the Chinese firms part of Aramco's downstream expansion Aramco moves closer to acquire 10% of Hengli Petrochemical Chinese Premier Li Qiang and Saudi Crown Prince Mohammed Bin Salman on 11 September discussed cooperation in energy, investment, and trade, according to state news agency Saudi Press Agency (SPA). In a separate meeting with GCC secretary general Jasem Mohamed Albudaiwi in Riyadh, Li called on China and Gulf Cooperation Countries (GCC) countries to align their development strategies and “speed up free trade agreement negotiations”, according to Chinese state media Xinhua. Li is in the Middle East on 10-13 September for state visits to Saudi Arabia and the UAE, both members of GCC. The four other members of GCC are Bahrain, Kuwait, Oman and Qatar. PLANS WITH RONGSHENG The new agreements follow a previously signed framework agreement with Rongsheng Petrochemical for a potential joint-venture expansion of Saudi Aramco Jubail Refinery Company (SASREF) facilities. SASREF operates a 305,000 barrel/day refinery complex in Al-Jubail, Saudi Arabia with downstream aromatics units that can produce 260,000 tonnes/year of toluene and 275,000 tonnes/year of benzene, according to the ICIS Supply and Demand Database. Aramco now owns 10% of Rongsheng Petrochemical, bought for $3.4 billion, with further plans between the two companies to take stakes in each other’s subsidiaries. Rongsheng Petrochemical manufactures and distributes a range of petrochemical and chemical fiber products, including purified terephthalic acid (PTA), polyester yarns, polyester filaments, and polyethylene terephthalate (PET). The Saudi oil giant intends to acquire 50% of Ningbo Zhongjin Petrochemical (ZJPC), which is fully owned by Rongsheng, with plans to upgrade existing assets and jointly develop a new materials project in Zhoushan. The proposed Chinese yuan (CNY) 67.5 billion Zhoushan new materials project would produce polyethylene (PE), propylene oxide (PO), styrene, ethylene vinyl acetate (EVA), polyolefin elastomer and bisphenol A (BPA). Rongsheng, in turn, would acquire a 50% stake in Aramco’s SASREF, which operates a refinery in Jubail. POTENTIAL DEALS WITH HENGLI With Hengli, talks have advanced relating to Aramco’s potential acquisition of a 10% stake in the Chinese group’s petrochemical arm, subject to due diligence and required regulatory clearances.’ The two companies had signed a memorandum of understanding (MoU) on the proposed transaction in in April 2024. Hengli Group operates across the entire production chain of oil refining, petrochemicals, polyester film, and textiles. It is one of the biggest PTA producers in China. "China is an important country in our global downstream growth strategy," Aramco downstream president Mohammed Al Qahtani said. "These agreements reflect our collective intention to elevate our relationships in vital sectors to advance our downstream objectives." Aramco is targeting a fourfold increase in its crude oil-to-chemicals conversion capacity to four million barrels/day by 2030. Focus article by Nurluqman Suratman Thumbnail image: Chinese Premier Li Qiang meets with Saudi Crown Prince and Prime Minister Mohammed bin Salman Al Saud, and co-chairs the Fourth Meeting of the High-Level Chinese-Saudi Joint Committee with him at Riyadh's al-Yamamah Palace in Saudi Arabia on 11 September 2024.

12-Sep-2024

SAO PAULO (ICIS)–Storm Francine continues strengthening into a hurricane as it approaches the southern costs of the US, but its path could veer slightly west and potentially hit key petrochemicals sites in Louisiana which border with Texas. According to a Tuesday morning update from the US’ National Hurricane Center (NHC), the storm is to become a hurricane when it makes landfall later in the day, although it should weaken soon after that as it heads north. On Monday, the NHC already said the storm would develop into a hurricane, but its forecasted trajectory then was to hit central parts of Louisiana – including New Orleans – but not the industrious western part of the state. Louisiana has declared a state of emergency; the state has just commemorated the 19th anniversary of Hurricane Katrina, which brought havoc to New Orleans’ outer and poorer suburbs from which many are still recovering. If the current, Tuesday morning forecast holds, key petrochemicals-heavy municipalities in Louisiana such Plaquemine, Geismar, Baton Rouge, and Taft, among others, could be hit by Francine’s gusts. Companies such as Methanex or CF Industries, with production facilities in the areas, had not responded to a request for comment about their hurricane preparations at the time of writing. “Francine is moving toward the north-northeast near 8 mph (13 km/h).  A turn to the northeast with an increase in forward speed is expected later today or tonight.  On the forecast track, Francine is anticipated to be just offshore of the coasts of northeastern Mexico and southern Texas through this [Tuesday] afternoon, and then move across the northwestern Gulf of Mexico, making landfall in Louisiana on Wednesday,” said the NHC. “After landfall, the center is expected to move into Mississippi on Wednesday night or Thursday. Maximum sustained winds are near 65 mph (100 km/h) with higher gusts. Strengthening is expected through Wednesday morning, and Francine will likely become a hurricane later today or tonight [Tuesday]. Francine is expected to weaken quickly after landfall.” CHEMICALS, OIL, GASLouisiana is home to many large petrochemical hubs that produce polyolefins, polyvinyl chloride (PVC), caustic soda, ethylene oxide (EO), ethylene glycol (EG), isocyanates, polyols, and ammonia among many others. The state has numerous refineries. Several offshore oil wells are off of the coast of Louisiana. Companies will often evacuate them and shut-in oil wells – majors such as Shell or ExxonMobil have announced so. The Gulf of Mexico accounts for about 14% of total US crude production and 5% of dry gas production, according to the country’s Energy Information Administration (EIA). The state is home to the Louisiana Offshore Oil Port (LOOP), the only deepwater oil port in the US. If the port shuts down, then the US would lose an important outlet for oil exports. That could offset some of the shut-in wells. Louisiana is also home to two large terminals that export liquefied natural gas (LNG) in the western part of the state. Sabine Pass LNG is in Sabine, Louisiana, and Cameron LNG is in Hackberry, Louisiana. Any shutdowns could affect domestic natural gas markets if the terminals spend too much time offline. Domestic gas supplies could build up, causing local prices to fall. Prices for ethane, the predominant feedstock for ethylene production, typically follow those for natural gas. Ethane prices could fall further if Francine disrupts operations at any of the crackers in Louisiana. LOUISIANA VS TEXAS IMPACTResidents of the Gulf Coast, from Mexico's Yucatan peninsula to the US' state of Alabama, are well accustomed to living with extreme weather events. In times of storms and hurricanes, many turn to specialized sites such as Space City Weather, which on Tuesday did not seem too worried for the fate of Texas – more so about Louisiana's. Space City Weather's main analyst, Houston-based Eric Berger, reiterated on Tuesday the hurricane will be "no joke" in Louisiana, even if for many Texans it will have looked like more like “a regular late" summer day. “The tropical system will remain well offshore from Texas, and effects for most of our area will be minimal. In fact, I would go so far as to say that by tomorrow [Wednesday] people in Houston will be going, ‘Hurricane? What hurricane. This was a joke.’ Well, people who didn’t know better will be thinking that at least — but not readers of this site,” said Berger. “Francine will not be a joke for southern Louisiana. The tropical storm has sustained winds of 65 mph and is likely to move inland Wednesday afternoon or evening as a Category 2 hurricane. The state’s most populated area, from Baton Rouge to New Orleans, will be directly impacted with winds, rains and storm surge.” The analyst concluded saying that for the most part Houstonians will not be able to tell a hurricane is passing offshore on Tuesday and Wednesday. “Skies will be mostly cloudy, with highs in the mid-80s [degrees Fahrenheit, around 29°C], which is cooler than normal for this time of year,” said Berger. “Perhaps that’s our greatest takeaway from this storm, some slightly cooler days. I’m not complaining.” Source: US National Hurricane Center

10-Sep-2024

HOUSTON (ICIS)–Canada plans to impose a 100% tariff on all electric vehicles (EVs) made in China, effective on 1 October, and on top of the 6.1% tariff it already imposes on such automobiles, the government said on Monday. The tariff includes electric and certain hybrid passenger automobiles, trucks, buses and delivery vans, the government said. In addition, the government plans to impose a 25% tariff on imports of steel and aluminum products from China, effective on 15 October. The tariffs will not apply to Chinese goods in transit on the day that the duties come into force. Canada could impose more tariffs against other Chinese imports following a 30-day review, it said. Those imports could include batteries and battery parts, semiconductors, solar products and critical minerals. For other countries, Canada plans to limit which ones are eligible to participate in its Incentives for Zero-Emission Vehicles (iZEV), Incentives for Medium and Heavy Duty Zero Emission Vehicles (iMHZEV) and Zero Emission Vehicle Infrastructure Program (ZEVIP). Eligibility would be limited to products made in countries with which Canada has negotiated free trade agreements. CANADA'S EV DUTIES FOLLOW THOSE BY US AND EUEVs made in China have become the target of punitive duties by a growing number of regulators. Earlier in the month, the European Commission announced plans to impose up to 36% countervailing duties on EVs from China. US tariffs on Chinese EVs were scheduled to reach 100% on 1 August. EVs typically consume more plastics on a per unit basis than automobiles powered by internal combustion engines (ICEs). EVs also pose different material challenges, which is increasing demand for different plastics and compounds. Policies that prolong the use of ICE-based vehicles could extend the operating life of the nation's refineries. Companies could be more willing to invest in maintenance and repairs if they are confident that they could recoup their investments. Refineries produce many building block chemicals, such as propylene, benzene, toluene and mixed xylenes (MX). Thumbnail shows an EV charging station. Image by Xinhua/Shutterstock

26-Aug-2024

MUMBAI (ICIS)–India’s state-owned Bharat Petroleum Corp Ltd (BPCL) plans to invest rupee (Rs) 1.7 trillion ($20.3 billion) over the next five years to grow its refining and fuel marketing business, as well as expand its petrochemicals and green energy businesses. 44% of total earmarked for refinery, petrochemical capacity growth Bina refinery/petrochemical project due for commissioning in FY2028-29 New refinery project being mulled As part of the investment initiative named ‘Project Aspire’, some Rs750 billion will go to increasing capacity at BPCL’s refineries and expand its petrochemical portfolio, company chairman G Krishnakumar said in the company’s annual report for the fiscal year ending March 2024. “The demand for major petrochemical products is expected to rise by 7-8% annually. This presents a strategic opportunity to expand refining capacity alongside the development of integrated petrochemical complexes,” Krishnakumar said. BPCL’s planned petrochemical expansions include the new petrochemical projects at its Bina refinery in the central Madhya Pradesh state, and the Kochi refinery in the southern Kerala state. The Bina project is a brownfield expansion that will raise the refinery’s capacity by 41% to 11m tonnes/year, to cater to the requirements of upcoming petrochemical plants, which include a 1.2m tonnes/year ethylene cracker and downstream units. The site is expected to produce 1.15m tonnes/year of polyethylene (PE), including high density PE (HDPE) and linear low density PE (LLDPE); 550,000 tonnes/year of polypropylene (PP); and 50,000 tonnes/year of butene-1 The complex will also produce chemicals such as benzene, toluene, xylene, the annual report said. “Technology licensors for all critical packages, and project management consultants for refinery expansion and downstream units have been onboarded and work at the site commenced in the first week of July 2024,” Krishnakumar said. BPCL has chosen US-based Lummus to provide technologies for the new ethylene plant and downstream units at the complex. The refinery will be ready for commissioning by May 2028, while petrochemical operations will begin in the financial year ending March 2029. At Kochi, BPCL’s 400,000 tonne/year PP project is progressing as per schedule and is on track for commissioning in October 2027. It plans to raise its Kochi refinery capacity by 16% over the next five years to 18m tonnes/year, based on data from the company’s latest annual report. https://subscriber.icis.com/news/petchem/news-article-00110958286 The company also plans to set up additional petrochemical capacities over the next few years. “To meet the anticipated demand beyond our planned expansions in Bina and Kochi, we are actively evaluating options for setting up additional integrated refining and petrochemical capacities within the next 5-7 years,” Krishnakumar said BPCL has begun evaluating options to set up a new refinery with a planned capacity of around 9 million to 12 million tonnes/year, a company official said, adding, “we are exploring a new refinery either on the east coast or at other locations”. In Mumbai, the company also plans to expand its refinery capacity by a third to 16m tonnes/year in the next five years, according to its annual report. In the eastern Odisha state, BPCL expects to begin operations at its 200 kilolitre/day ethanol plant at Bargarh by October 2024. Once operational, the integrated refinery is expected to produce both first generation (1G) as well as second generation (2G) ethanol using rice grain and paddy straw as feedstock. Focus article by Priya Jestin ($1 = Rs83.85) Thumbnail image: The Bharat Petroleum import terminal at Haldia in West Bengal on 13 March 2021. (Debajyoti Chakraborty/NurPhoto/Shutterstock)

20-Aug-2024

SINGAPORE (ICIS)–Here are the top stories from ICIS News Asia and the Middle East for the week ended 26 July 2024. Typhoon Gaemi makes landfall in southern China; hits port operations By Nurluqman Suratman 26-Jul-24 10:36 SINGAPORE (ICIS)–Typhoon Gaemi slammed into Fujian province in southern China on the evening of 25 July, bringing heavy rains as it continues to move inland on Friday, with the strong downpour expected to last three days. PODCAST: Typhoon Gaemi to delay propane, butane cargo arrivals in China By Zhou Shihao 25-Jul-24 14:49 SINGAPORE (ICIS)–Typhoon Gaemi will test the resilience of the liquefied petroleum gas (LPG) supply chain, causing temporary shipment delays and port closures, but market prices and arrival schedules are expected to remain stable and manageable. PODCAST: Hydrogen – the critical blend for decarbonizing gas power in China By Yu Yunfeng 25-Jul-24 09:47 SINGAPORE (ICIS)–China's installed capacity of gas power generation is projected to surpass 150 GW by 2025, representing roughly 6% of the country's total installed power generation capacity. VIDEO: China's LDPE market weakens as supply tightness eases By Joanne Wang 24-Jul-24 14:35 SINGAPORE (ICIS)–Watch ICIS senior industry analyst Joanne Wang discuss the driving factors behind the China's low density polyethylene (LDPE) price fluctuations this year and briefly discuss prospects for the second half of this year. India cuts MDI import duty; plans six-month review of overall tariff structure By Nurluqman Suratman 23-Jul-24 18:04 SINGAPORE (ICIS)–India will cut import duties for methylene diphenyl diisocyanate (MDI) by 2.5 percentage points to 5.0% effective 24 July, with plans to review the country's overall tariff structure in the next six months. OUTLOOK: China’s H2 refinery throughput to be weighed by economic slowdown, fuel substitution By Patricia Tao 23-Jul-24 11:21 SINGAPORE (ICIS)–China's crude throughput is forecast to edge lower to 15.05 million barrels/day in the second half of 2024, about 0.4% lower year on year amid continued sluggishness of the domestic economy and the growing competition from alternative fuels. INSIGHT: China PE demand growth for 2024 to be slowed by weak consumer confidence By Amy Yu 22-Jul-24 17:41 SINGAPORE (ICIS)–China polyethylene (PE) demand is expected to shift to the traditional off-season in July, due to the impact of high temperatures and flood season.

29-Jul-2024

SINGAPORE (ICIS)–India will cut import duties for methylene diphenyl diisocyanate (MDI) by 2.5 percentage points to 5.0% effective 24 July, with plans to review the country's overall tariff structure in the next six months. MDI was among raw materials identified by the Indian government on which custom duties will be reduced. India's finance minister Nirmala Sitharaman announced the changes to the country's Basic Customs Duty (BCD) – a tax levied on imported goods at the time of their entry into the country – in her presentation of India’s national budget for the fiscal year ending March 2025 before parliament. HIGHER DUTIES FOR SOME PRODUCTSConversely, the minister said that the customs duty for polyvinyl chloride (PVC) flex films/flex banners will be raised to 25% from 10% currently starting 24 July, "to curb their imports". Flex banners are commonly used for outdoor advertising as billboards. "PVC flex banners are non-biodegradable and hazardous for environment and health," Sitharaman said. The customs duty on ammonium nitrate will also be raised to 10% from 7.5% from 24 July "to support existing and new capacities in the pipeline", she said. EXEMPTIONS FOR CRITICAL MINERALSSitharaman also proposed full exemption of 25 critical minerals from import duties, a cut in duty rates for two other products in the same category. "Minerals such as lithium, copper, cobalt and rare earth elements are critical for sectors like nuclear energy, renewable energy, space, defense, telecommunications, and high-tech electronics,” she said. “This [cut in import duty] will provide a major fillip to the processing and refining of such minerals and help secure their availability for these strategic and important sectors," Sitharaman said. As for the electronics sector, the finance minister proposed to remove the BCD on oxygen-free copper for the manufacture of resistors. GOV'T TO REVIEW CUSTOMS DUTY STRUCTUREOver the next six months, the Indian government will conduct a thorough review of its customs duty rate structure, Sitharaman said. "I propose to undertake a comprehensive review of the rate structure over the next six months to rationalise and simplify it for ease of trade, removal of duty inversion and reduction of disputes," she said. "We will continue our efforts to simplify taxes, improve taxpayer services, provide tax certainty and reduce litigation while enhancing revenues for funding the development and welfare schemes of the government." It was not immediately clear how the revised BCD structure will impact implementation of import certifications of various chemicals under the Bureau of Indian Standards (BIS). BIS certification for some chemicals has been extended many times since they were introduced in 2019-20 to allow domestic end-user industries more time to adhere to the quality-control orders (QCO). Focus article by Nurluqman Suratman Thumbnail image: At the Vallarpadam Terminal in Kochi, Kerala, India. 2014 (By Olaf Kruger/imageBROKER/Shutterstock)

23-Jul-2024

SINGAPORE (ICIS)–India will cut import duties for methylene diphenyl diisocyanate (MDI) by 2.5 percentage points to 5.0% effective 24 July, the country’s finance minister Nirmala Sitharaman announced on Tuesday. MDI was among raw materials identified by the Indian government on which custom duties will be reduced. Sitharaman announced the changes to the country's Basic Customs Duty (BCD) – a tax levied on imported goods at the time of their entry into the country – in her presentation before parliament of India’s national budget for the fiscal year ending March 2025. Conversely, the minister said that the customs duty for polyvinyl chloride flex films/flex banners will be raised sharply from 10% currently to 25% from 24 July "to curb their imports". Flex banners are commonly used for outdoor advertising as billboards. "PVC flex banners are non-biodegradable and hazardous for environment and health," Sitharaman said. For ammonium nitrate, the custom duty will be raised to 10% from 7.5% from 24 July "to support existing and new capacities in the pipeline", she said. (adds paragraphs 4-7)

23-Jul-2024

SINGAPORE (ICIS)–India will cut import duties for methylene diphenyl diisocyanate (MDI) by 2.5 percentage points to 5.0% effective 24 July, the country’s finance minister Nirmala Sitharaman announced on Tuesday. MDI was among the raw materials identified by the Indian government on which custom duties will be reduced. Sitharaman announced the changes to the country's Basic Customs Duty (BCD) – a tax levied on imported goods at the time of their entry into the country – in her presentation before parliament of India’s national budget for the fiscal year ending March 2025.

23-Jul-2024

HOUSTON (ICIS)–The US election could see Donald Trump return as president with majorities in both legislative chambers, which could bring a reduction in excessive red tape, weaker support for electric vehicles (EVs) and impose even more ponderous tariffs and trade restrictions. Incumbent President Joe Biden has dropped out of the race, and current polls show Trump ahead in the election The House of Representatives and the Senate are closely split between the nation's two major parties, so the Republican party could obtain majorities in both legislative chambers Regardless of who wins the presidential election on 5 November, the outlook remains pessimistic for tariff relief and trade deals in the US US TRADE POLICY WILL REMAIN RESTRICTIVERegardless of who wins the presidential election, US trade policy will remain restrictive, which could leave the nation's chemical exports vulnerable to retaliatory tariffs imposed during a trade dispute. Also, tariffs could increase the cost of imports of critical chemical intermediates. Biden's campaign website did not discuss trade policy, and he recently dropped out of the race. But he maintained many of the tariffs that Trump introduced during his presidency in 2016-2020. In addition, Biden raised tariffs on EVs from China. He signed bills passed by Congress that required local content rules for government programs. Trump's platform proposed a baseline tariff, with the candidate mentioning 10% for most imports. For China, he mentioned tariffs of more than 60% during an interview on the television program Fox News. Trump's campaign website proposes a reciprocal trade act, under which the US could match tariffs that another country imposes on its exports. Although the platform concedes that reductions are possible, the proposal focuses on the potential of higher tariffs. TRUMP TO ROLL BACK BIDEN'S EV POLICIESBiden did not mention EVs on his campaign website. But during his presidential term, the federal government used multiple laws and regulatory statutes to promote EV adoption. If Trump becomes president, he has pledged to cancel what he calls the electric vehicle mandate. He specified many of Biden's policies that encouraged the adoption of EVs. EVs typically consume more plastics on a per unit basis than automobiles powered by internal combustion engines (ICEs). EVs also pose different material challenges, which is increasing demand for different plastics and compounds. Policies that prolong the use of ICE-based vehicles could extend the operating life of the nation's refineries. Companies could be more willing to invest in maintenance and repairs if they are confident that they could recoup their investments. Refineries produce many building block chemicals, such as propylene, benzene, toluene and mixed xylenes (MX). BIDEN, TRUMP PRESENT EXTREMES ON CHEM REGULATIONSBiden and Trump lay on opposite extremes of regulations and policy. Under Biden, the federal government has adopted numerous regulations, many of which the chemical industry has said provided them with little benefit given the time and expense of compliance. The past six months has been described as the worst regulatory environment that the chemical industry has ever seen. That burdensome regulatory climate could persist if a Democrat wins the election, since personnel from the Biden administration could remain in place. The following lists some of the regulatory policies that could either persist under a Democratic administration or weaken under a Trump administration: The Environmental Protection Agency (EPA) has adopted a whole chemical approach in determining whether a substance poses an unreasonable risk under the nation's main chemical-safety program, known as the Toxic Substances Control Act (TSCA). The regulator is currently reviewing vinyl chloride monomer (VCM), acrylonitrile (ACN) and aniline, a feedstock used to make methylene diphenyl diisocyanate (MDI). Changes to the Clean Waters Act, the Risk Management Program (RMP) and the Hazard Communication Standard that were made by Biden. Biden has promoted environmental justice throughout the federal government. Environmental justice could make it harder for chemical companies to expand existing plants or build new ones. Because these are federal policies, a different president could reverse them. Trump could try to unravel some of Biden's rules to the degree possible under executive authority. However, some of the rules will persist because of entrenched bureaucracy or because they are final. The pace of new regulations would likely slow under a Trump presidency. He has pledged to restore his order that for every new regulation introduced by the federal government, two existing ones must be eliminated. OTHER POLICY DIFFERENCESSuperfund tax: If Trump wins the presidency and Republicans win the legislative branch, that could set up a repeal of the Superfund tax, which imposes taxes on several building-block chemicals and their derivatives. Republican legislators have already introduced bills to repeal the tax. Trump tax cuts: Trump has pledged that he would make his 2017 tax cuts permanent. These are set to expire at the end of 2025 from his previous term in 2016-2020. Oil production: Biden has imposed several restrictions on oil and gas production on federal land and on offshore leases, although this did not stop production from surging in the Permian Basin, much of which is outside of government control. Trump has pledged to remove those restrictions. Insight by Al Greenwood Thumbnail shows US capitol. Image by Lucky-photographer

22-Jul-2024