Petrochemical Industry Daily: China Increases Tariff on 44 Chemicals from the United States

On April 4, the Customs Tariff Commission of the State Council decided to impose a tariff of 25% on 14 categories of 106 products such as soybeans, automobiles, and chemical products originating in the United States, including 44 types of chemicals, including liquefied propane, some ethylene polymers, and acrylic acid. Polymers, Acrylonitrile, Pure Polyvinyl Chloride, Polycarbonates, Methyl Phosphonates, Epoxy Resins, etc. Increasing the tariffs on certain chemical products exported to China will indirectly increase the sales prices of domestic production of such chemical companies, but increase the cost of importing such chemical companies.

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Industry News

1. China announced that it imposed tariffs on 106 U.S. products, including liquefied propane, some ethylene polymers, acrylic polymers, acrylonitrile, pure polyvinyl chloride, polycarbonates, methyl phosphonates, and epoxy resins. Etc. (WIND Information);

2. In 2018, China’s LNG consumption will reach 44 million tons, which is twice the US export of LNG of 22 million tons. If all U.S. LNG exports to China will bring about 6.7 billion U.S. dollars in revenue, this will only reduce the U.S.-China trade deficit by less than 2% (China Petroleum News Center);

3. API crude oil inventories fell by 3.28 million barrels last week, gasoline inventories increased by 1.12 million barrels, refined oil inventories increased by 2.2 million barrels, and Cushing’s crude oil inventories increased by 4.06 million barrels. (WIND Information) Company News