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U.S.: China Has Until March 1 to Avoid New Tariffs
U.S. Trade Representative Robert Lighthizer said if a trade deal with China hasn’t been agreed to by March 1, the US will proceed with new tariffs. “As far as I am concerned it is a hard deadline,” he said. The statement comes a week after President Trump and Chinese President Xi Jinping announced an agreement to delay a planned hike in tariffs on $200 billion worth of Chinese products from 10 percent to 25 percent. The tariffs were put in place earlier this year by the Trump administration in response to allegations that China has been manipulating trade by stealing intellectual property and corporate technology.
A new report by research firm Wood Mackenzie indicates that U.S. exports of plastic resins could fall as much as 50 percent next year as the trade war heats up. China is expected to look to the Middle East, South Korea, Thailand and Singapore for new imports. China has already imposed tariffs on U.S. vinyl products, including vinyl polymers, plates, sheets, strips, moldings, and even some manufacturing equipment.