Latest news with #PLASTICS
Yahoo
05-04-2025
- Business
- Yahoo
US plastics industry warns tariffs could disrupt manufacturing
The Plastics Industry Association (PLASTICS) has voiced apprehension regarding the recent implementation of reciprocal tariffs by the U.S. administration. Matt Seaholm, President and CEO of PLASTICS, emphasised that while the industry supports initiatives aimed at revitalising American manufacturing, the newly imposed tariffs could have unintended negative consequences. Seaholm highlighted that the plastics industry is integral to U.S. manufacturing, supplying essential materials and equipment across various sectors, including semiconductors, automobiles, medical devices, and consumer goods. He noted that in 2023, the US plastics industry achieved a trade surplus of nearly $1 billion, with exports totalling $74.2bn. The introduction of these tariffs is expected to disrupt supply chains, elevate production costs, and potentially diminish the global competitiveness of U.S. plastics manufacturers. The tariffs have sparked concerns across multiple industries. Economists predict significant repercussions, including job losses, increased consumer prices, and the potential for a recession. Canada, for instance, is bracing for severe economic consequences due to the U.S. tariffs, which impose 25% on Canadian goods and 10% on energy. These measures are anticipated to affect sectors such as agriculture, automotive, and manufacturing, leading to higher prices for consumers and potential job losses. In light of these developments, Seaholm urged the administration to adopt a more targeted approach to trade policies. He advocated for strategies that consider the complexities of supply chains, promote investment, and sustain growth within US manufacturing. The goal is to support policies that bolster American manufacturing without inadvertently harming industries that are foundational to the nation's economic infrastructure. "US plastics industry warns tariffs could disrupt manufacturing" was originally created and published by Packaging Gateway, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
04-04-2025
- Business
- Yahoo
US plastics industry warns tariffs could disrupt manufacturing
The Plastics Industry Association (PLASTICS) has voiced apprehension regarding the recent implementation of reciprocal tariffs by the U.S. administration. Matt Seaholm, President and CEO of PLASTICS, emphasised that while the industry supports initiatives aimed at revitalising American manufacturing, the newly imposed tariffs could have unintended negative consequences. Seaholm highlighted that the plastics industry is integral to U.S. manufacturing, supplying essential materials and equipment across various sectors, including semiconductors, automobiles, medical devices, and consumer goods. He noted that in 2023, the US plastics industry achieved a trade surplus of nearly $1 billion, with exports totalling $74.2bn. The introduction of these tariffs is expected to disrupt supply chains, elevate production costs, and potentially diminish the global competitiveness of U.S. plastics manufacturers. The tariffs have sparked concerns across multiple industries. Economists predict significant repercussions, including job losses, increased consumer prices, and the potential for a recession. Canada, for instance, is bracing for severe economic consequences due to the U.S. tariffs, which impose 25% on Canadian goods and 10% on energy. These measures are anticipated to affect sectors such as agriculture, automotive, and manufacturing, leading to higher prices for consumers and potential job losses. In light of these developments, Seaholm urged the administration to adopt a more targeted approach to trade policies. He advocated for strategies that consider the complexities of supply chains, promote investment, and sustain growth within US manufacturing. The goal is to support policies that bolster American manufacturing without inadvertently harming industries that are foundational to the nation's economic infrastructure. "US plastics industry warns tariffs could disrupt manufacturing" was originally created and published by Packaging Gateway, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
06-03-2025
- Business
- Yahoo
US plastics industry warns tariffs could disrupt manufacturing
The US plastics industry has raised concerns over the impact of newly implemented tariffs on Canada, Mexico, and China, arguing that they could disrupt manufacturing and increase costs. The Plastics Industry Association (PLASTICS) has urged policymakers to adopt balanced trade policies that protect supply chains and economic competitiveness. Matt Seaholm, President and CEO of PLASTICS, acknowledged the importance of border security but cautioned that tariffs could harm US manufacturers. "A competitive industry depends on policies that protect American manufacturing while ensuring stable supply chains," he said. According to PLASTICS, the tariffs could disrupt the movement of essential machines, products, and materials that are vital for sectors such as healthcare, consumer goods, and automotive production. The US plastics sector plays a key role in manufacturing and everyday life, with exports totalling $74.2 billion in 2023. PLASTICS warns that new trade barriers could threaten this global leadership by increasing costs and reducing market competitiveness. Seaholm stressed the need for a strategic approach to trade policies that strengthen, rather than hinder, economic growth. "We urge policymakers to support balanced trade policies that enhance US competitiveness, reinforce supply chains, and drive continued innovation," he stated. Despite the current trade surplus of $958 million in the plastics industry, concerns remain that tariffs on key trading partners could erode this advantage. PLASTICS argues that maintaining stable international trade relations is essential for sustaining industry growth and investment in advanced recycling and sustainability initiatives. The plastics industry represents over one million workers and contributes $519 billion to the US economy. PLASTICS, which supports the entire supply chain from material suppliers to recyclers, has been advocating for global competitiveness since 1937. The organisation continues to push for policies that support circularity and sustainability in the industry. It also organises NPE: The Plastics Show, the largest plastics trade event in the Americas, aimed at promoting innovation and business opportunities within the sector. "US plastics industry warns tariffs could disrupt manufacturing" was originally created and published by Packaging Gateway, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
