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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 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.
·London, United Kingdom
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Total News Sources5
Leaning Left0Leaning Right2Center3Last UpdatedBias Distribution60% Center
Bias Distribution
- 60% of the sources are Center
60% Center
C 60%
R 40%
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