The American Chemistry Council has set out the U.S. chemical industry's recommendations for a trade agreement with the United Kingdom in preparation for the U.K.'s exit from the European Union.
In 2017, the U.K. imported $2.8 billion of chemicals from the U.S., as well as being a regional hub for the integrated chemicals manufacturing supply chain. Total trade in chemicals between the two countries amounts to $5.7 billion.
"A trade agreement that eliminates U.S. tariffs on chemical imports from the U.K. could save U.S. chemical manufacturers $88 million a year," Ed Brzytwa, ACC's director of international trade told a public hearing of the Office of the U.S. Trade Representative Jan. 29. "Eliminating U.K. 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."
He concluded his testimony to USTR by calling on both governments to work together to address trade-distorting practices by other countries.
"ACC and its members stand ready to assist the administration in the creation of a coalition of allies in the [World Trade Organization] to protect and enforce WTO trading principles around the globe," he said.
