China Scales Back Pollution Control Campaign to Offset Impact of US Tariffs
Oct 22, 2018
China’s chemical industry is the nation’s 3rd largest contributor to economic growth. Approximately 25% of the products/commodities subject to increased US tariffs are produced by China’s chemical industry.
To offset the impact of US tariffs, MEE will throttle back on environmental protection goals and reduce requirements for PM2.5 concentration and the number of days of heavy pollution permitted.
MEE will no longer demand an arbitrary and mandatory cut in production rates but will instead allow provincial/local governments to tailor an individualized scheme.
Although Jamie Dimon, chairman and chief executive officer of J.P. Morgan Chase claimed that the dispute over trade and escalating tariffs between the United States and China is more aptly described as a "trade skirmish" rather than a trade war, there haven’t been obvious signs that the trade dispute will stop anytime soon. The U.S. government announced in September that it will increase tariffs by 10% on $200 billion worth of Chinese imported goods and will further increase this to 25% by the end of the year.
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