If others were to reconcile with flowers, China could now make history as the country that gave the world's rarest peace gift.
Massive tariffs!
On Sunday, China suddenly announced anti-dumping duties of up to 74.9% on engineering plastics from the United States (US), the European Union, Japan and Taiwan in response to the one-sided tariffs imposed by Washington on Chinese products.
The plastics, known as POM copolymers, have been used to replace metals such as copper and zinc, especially in the automotive, electronics and medical equipment sectors.
Now, this important material has become the latest 'victim' in the increasingly tense trade conflict.
The US received the biggest blow with tariffs of almost 75%, followed by Japan and the EU at around 34% to 35%.
Taiwan was also hit with a general tariff of 32.6%, but some companies such as Formosa Plastics and Polyplastics Taiwan received lower rates of less than 5%.
The move marks the official end of an investigation launched by China’s Ministry of Commerce in May 2024, shortly after the US doubled tariffs on Chinese-made electric vehicles and chips.
While the two superpowers recently agreed to a 90-day tariff truce, Beijing’s statement clearly shows that not all the ‘peace greetings’ from Washington can douse the embers that are still burning.
The trade war is not over! It is just simmering, waiting for its time to be reignited, and the world is increasingly nervous as the two largest economic powers continue to fight without a clear end in sight.
