Protectionism continues to build, as unemployment rises around the world.
ICIS news reports China has imposed tariffs of up to 36% on nylon 6. BASF will suffer a 30.4% tariff on US exports, and Honeywell 36.2%. Last month, of course, the US hit China with a 35% tariff on tyres.
The threat of more duty barriers may well lead to a move to supply domestic markets with locally produced product. It therefore represents an increasing threat to the globalised business model adopted by many chemical companies.
Mid-week update. India plans 20% duty on caustic soda, ICIS news .
Protectionism will be one of the key issues discussed in the blog’s free Budget Outlook webinar next week (details yesterday). If you would like to register, please email simon.robinson@icis.com or myself, with Chemicals and the Economy Group in the subject line.
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Duty barriers continue to rise on chemical exports
The chemical industry has been one of the great beneficiaries from globalisation over the past 25 years. Today, it is hard to remember just how restricted markets used to be. Tariffs often applied within Regions, as well as between them….