China Firing Preemptive Trade War Shots At Trump
Date
12/28/2024 12:02:01 AM
(MENAFN- Asia Times)
China has heightened trade war tensions with the United States by extending existing tariffs imposed on a crucial chemical solvent, sanctioning seven American firms on security grounds and threatening to stop buying US semiconductors within a single day.
China's Ministry of Commerce (MoC) announced on December 26 that it will continue to impose anti-dumping duties on n-butanol imports from the US, Taiwan and Malaysia for another five years, effective from December 29, 2024.
The MoC said removing the anti-dumping duties would likely lead to a resumption or continuation of dumping practices and subsequent harm to China's domestic n-butanol industry.
N-butanol is a key organic chemical used in the production of various products including paints, adhesives and plasticizers.
On December 29, 2018, China imposed 52.2-139.3% tariffs on n-butanol imports from the US and 12.7-26.7% tariffs on those from Malaysia. A 56.1% duty was imposed on all Taiwanese firms, except Formosa Plastics Corp, which only paid 6%.
In 2022, China imported 105,400 tons (66% of total) of n-butanol from Taiwan and 37,300 tons (23.4% of total) from Saudi Arabia, according to a report published by the Beijing-based Huajing Industry Research Institute. The remaining came from Russia, South Africa and Malaysia.
The report said China's N-butanol suppliers are lagging behind foreign competitors in product quality.
Arms sales to Taiwan
On Friday morning China time or Thursday evening US time, the Chinese Foreign Ministry also sanctioned seven American companies and their relevant senior executives to retaliate against US arms sales to Taiwan.
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