Cefic issues statement on EU-US deal on tariffs and trade

Brussels - European chemcials industry body Ceifc has comments on the recently announced EU-US deal on tariffs and trade: calling for further details as soon as possible.

While, it said, the deal appears to have averted the worst-case scenario, the additional US tariffs on European exports risk further eroding the competitiveness of the EU chemical industry.

According to Cefic, this is another reminder that the recently-published Chemical Industry Action Plan needs to be urgently and fully implemented. 

Additional tariffs hinder trade and investment flows across the Atlantic, Cefic continued:

"This is highly problematic for such an integrated transatlantic chemical industry with a significant amount of intra-industry and intra-company trade.

"Raw and input materials are regularly being shipped back and forth across the Atlantic, adding value at each stage of production.

"The proposed inclusion of certain chemicals in the “zero-for-zero tariff” agreement is nevertheless an encouraging signal. Yet, beneficial trade terms are needed for all chemicals.

"We therefore call on both sides to pursue a comprehensive and balanced sectoral agreement that ensures favourable trade conditions, increases predictability and strengthens the competitiveness of our industry.

"As an export-oriented sector, we call on all EU policymakers to double down on the EU free trade agenda to open new markets for EU chemical companies.

"Our industry is committed to rules-based trade and we stand ready to support efforts that deepen EU-US cooperation and secure a resilient, future-proof chemical sector in Europe."