SINGAPORE (ICIS)--China has decided to increase tariffs on 106 products originated from US by 25%, with the chemicals sector one of the key targets of the measures according to a statement from China’s Ministry of Finance on Wednesday.
The counter-measure from China side covers soybean, cars and chemicals worth some $48bn of US imports. The implementation date will be announced separately, depending on US measures against China, according to the Chinese Ministry.
The China list has 44 industrial and chemical raw materials, including butane, polycarbonate, epoxy, acrylonitrile and others. (see table below)
The US on Tuesday released a proposed list of products imported from China that could face 25% additional tariffs, covering 1,333 products valuing some $50bn in aerospace, information and communication technology, robotics and machinery. The Chinese Ministry said that such move is wholly against WTO trade principles and values, and infringes China’s legitimate rights, threatening China’s development interests.
Earlier today, China’s Ministry of Commerce said that China would retaliate US tariff decision with the same intensity and scale.
The escalating friction between the two biggest economies is expected to boost prices of a range of products beyond those in the lists, industry sources said.HS code product description 27111200 Liquid propane 39074000 Primary shape polycarbonate 38151200 Supported catalysts with noble metals and their compounds as actives 38220010 Diagnostic or experimental reagents attached to the backing, except those under tarriff code of 32.02,32.06 38249999 Other chemicals and chemical products that are not listed in other tariff codes 38248700 products listed in Note 3 of this Chapter's sub-chapter containing perfluorooctane sulfonic acid and its salts, perfluorooctyl sulfonamide or perfluorooctane sulfonyl chloride 38248800 products listed in Note 3 of this Chapter containing four, five, six, seven or octabromodiphenyl ethers 38248500 Contains 1,2,3,4,5,6-HCH (6,6,6) (ISO), including lindane (ISO, INN) 38249100 Mainly from dimethyl (5-ethyl-2-methyl-2oxo-1,3,2-dioxaphosphorin-5-yl)methylphosphonate and double [(5-ethyl- Mixtures and products of 2-methyl-2oxo-1,3,2-dioxaphosphorin-5-yl)methyl]methylphosphonate (FRC-1) 38248600 products listed in Note 3 of this Chapter containing PeCB (ISO) or Hexachlorobenzene (ISO) 38248400 Contains aldrin (ISO), toxaphene (ISO), chlordane (ISO), chlordecone (ISO), DDT (ISO) [Diptrix (INN), 1,1,1-trichloro-2,2 - Bis(4-chlorophenyl)ethane], Dieldrin (ISO, INN), Endosulfan (ISO), Endrin (ISO), Heptachlor (ISO), or Mirex (ISO), products listed in Note 3 of this Chapter 38151900 Other carrier catalysts 39079999 Other polyester 38159000 Other unrepresented reaction initiators, accelerators 39011000 Polyethylene with a primary shape specific gravity < 0.94 29261000 Acrylonitrile 34039900 Lubricants (exclude petroleum or oil extracted from bituminous minerals) 38220090 Whether or not attached to a diagnostic or experimental formulation reagent on the backing, except items under tariff code 32.02,32.06 38112900 Lubricating oil additive without oil or oil extracted from bituminous minerals 39073000 Primary shape epoxy 39206200 Polyethylene terephthalate sheet foil flat strip 39199090 Other self-adhesive plastic plates, sheets, films and other materials 39209990 Other plastic non-foam plastic sheets 39269090 Other plastic products 39019090 Other primary shape ethylene polymers 39014090 Other ethylene-α-olefin copolymers, specific gravity less than 0.94 39069090 Other primary shape acrylic polymers 39041090 Other primary shapes of pure polyvinyl chloride 39100000 Primary polysiloxane 39119000 Other primary polysulfides, polysulfones, and other new products not specified in other code in Note 3 to Chapter 39 39219090 Unlisted Plastic Plates, Sheets, Films, Foil and Strips 29031500 1,2-dichloroethane (ISO) 40023990 Halogenated butyl rubber sheet, sheet, tape 29349990 Other heterocyclic compounds 35069190 Adhesives based on other rubber or plastics 39081011 Polyamide-6,6 slices 39072090 Other primary-shaped polyethers 39121100 Primary-shaped, unplasticized cellulose acetate 39089010 Aromatic polyamides and their copolymers 39089020 Semi-aromatic polyamides and their copolymers 39089090 Primary polyamides of other shapes 39201090 Other vinyl polymer plates, sheets, tapes 34021300 Non-ionic organic surfactants 34031900 Lubricants (containing oil or oil extracted from bituminous minerals and <70% by weight)
Pictured: An investor at a stock market in Hangzhou, Zhejiang Province (Source: Xinhua News Agency/REX/Shutterstock) ICN