China Strikes Back

Earlier today from the WSJ:

China’s Ministry of Commerce has made a preliminary ruling to impose tariffs of as much as 36% on certain nylon imports from the U.S., saying the imports have damaged the domestic industry.

Tariffs will also be imposed on such imports from the European Union, Russia and Taiwan, but at lower rates.

The tariffs will affect firms including BASF Corp., the U.S. affiliate of German chemical giant BASF SE, and Honeywell International Inc.’s Honeywell Resins & Chemical LLC, it said.

It is a shame that some workers at Honeywell’s and BASF’s U.S. facilities will have to face costs cuts in order to keep in line with profits.  Another example of how Obama’s trade move was a bad one.

HT: Mankiw

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