EU countries to seek import curbs on chemicals, plastics: Reuters
France, Italy and Germany want EU safeguards on chemicals and plastics as imports surge and companies cut thousands of jobs, industry groups said.
- France, Italy, and Germany, the European Union's three largest economies, plan to submit requests within weeks for broad import quotas known as "safeguards" to protect chemicals and plastics sectors against surging imports mainly from China.
- Europe's chemical industry faces its worst crisis in 30 years due to high energy prices and weak demand, while a new geopolitical climate with U.S. tariffs and trade deficits with China has altered Brussels' thinking on trade protection.
- The proposed requests target polymer resin polyethylene terephthalate , epoxy resin, and glass fibers, while major companies including BASF, Lanxess, and Wacker are cutting thousands of jobs amid Asian competition.
- European Trade Commissioner Maros Sefcovic acknowledged on Tuesday the EU had been reluctant to use safeguards but said the Commission is reviewing that stance; final measures require a "qualified majority" of at least 15 EU members representing 65% of the population.
- Germany, which opposed EU tariffs on China-built electric vehicles two years ago, now faces industry pressure to take a tougher line with China, while the German chemical association VCI expects the Commission to account for differing interests across the value chain.
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EU countries prepare broader import safeguards for Chinese chemicals and plastics
France, Italy and likely Germany are preparing to ask the European Union to consider safeguards on rising imports of chemicals and plastics, particularly from China. Potential measures could include quotas and tariffs as European producers contend with high energy costs, weak demand and growing Asian competition.
EU countries to seek import curbs on chemicals, plastics, sources say
European governments plan to press the EU to deploy a rarely used trade defence tool to protect the chemicals and plastics sectors against surging imports, mainly from China, sources familiar with the discussions told Reuters.
The European chemical industry is facing its biggest survival crisis in 30 years. Faced with high energy costs and an influx of cheap Chinese products, major EU countries such as France and Germany are moving towards imposing unprecedented "safeguards" (emergency import restrictions).
European countries are planning to ask the European Union to introduce broad protective measures for the chemical and plastic industries in order to limit the sharp increase in imports.
The European chemical industry is facing its most severe survival crisis in 30 years, caught between high energy costs, weak global demand, and the impact of cheap products from Asia, primarily China.
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