• February 7, 2019
  • ACC

ACC Testifies on U.S. Chemicals Industry Priorities for Potential U.S.-UK Trade Agreement

WASHINGTON (January 29, 2019) – The American Chemistry Council (ACC) on Tuesday shared the U.S. chemical industry’s recommendations for a successful trade agreement with the United Kingdom (UK) should the UK be eligible to negotiate a trade deal following its scheduled withdrawal from the European Union in March. The UK, a longtime trading partner to U.S. chemicals manufacturers, imported $2.8 billion in U.S. chemicals in 2017 and serves as a regional hub for the globally integrated and efficient chemicals manufacturing supply chain. As evidence of that integration, a significant portion of the $5.7 billion in U.S.-UK chemicals trade is to related parties – 54 percent of chemical imports from the UK, and 39 percent of chemical exports.

“A trade agreement that eliminates U.S. tariffs on chemical imports from the UK could save U.S. chemical manufacturers $88 million per year,” Ed Brzytwa, ACC director of international trade, said in testimony before interagency officials at the Office of the United States Trade Representative (USTR). “Eliminating UK tariffs on chemical imports from the U.S. would reduce tariffs paid in the U.K by $84 million. The cost savings from the elimination of tariffs would help boost economic and job growth.” 

Brzytwa also encouraged U.S. officials to work to eliminate the Section 232 tariffs on steel and aluminum imports from the UK. “Any potential UK retaliatory tariffs targeting chemicals would limit the ability of U.S. chemical manufacturers to access the UK market,” Brzytwa said. “We also urge both countries to avoid imposing quotas of any kind on imports of UK steel and aluminum, which would impede the construction of chemical manufacturing plants in the United States.”

CONTINUE READING ON www.americanchemistry.com


Related News