According to industry economist Perc Pineda, the potential EU tariffs on US plastics could jeopardize the US trade surplus of $1.6 billion by 2024. The following is the specific situation: On March 12th, the United States imposed a 25% tariff on EU steel and aluminum, and in response, the EU proposed countermeasures including resin and plastic products. The European Commission has identified over 1700 products that may be subject to countermeasures, including 60 types of resin and plastic products. Based on the 2024 export value, the proposed tariffs by the European Union are expected to affect $5.9 billion in resin and product exports from the United States to the EU. In 2024, the United States imported target resins and plastic products worth $4.3 billion from the European Union, with an export value of $5.9 billion, resulting in a trade surplus of $1.6 billion. Virginia Janssens, Executive Director of the European Plastics Association, stated that imposing tariffs, especially on industrial products such as plastics, will disrupt supply chains, increase business costs, and have a negative impact on consumers on both sides of the Atlantic. In addition, the EU's countermeasures are divided into two stages. Starting from April 1st, tariffs will be restored on some goods, and on April 13th, more tariffs, including plastics, will be considered. However, some argue that the proposed countermeasures may not have as severe an impact as expected, as the majority of US polyethylene resin exports go to Northeast Asia and Latin America, with only a few entering Europe, and the Middle East has always been a major supplier of plastic products to the EU.
