KB News Desk
BRUSSELS (Reuters) — The European Union imposed on Monday tariffs on terephthalic acid – a raw material used to make a common sort of plastic known as PET – made in South Korea and Mexico to protect producers in Belgium, Poland and Spain.
The so-called anti-dumping new duties were set at a range between 6.1 percent and 13.3 percent on the commodity made in South Korea and at 24.1 percent on the chemical made in Mexico, the EU Commission said in a statement on Monday.
“Terephthalic acid is a strategic commodity for the EU,” it said, adding the EU market is worth some €1.4 billion ($1.62 billion) and producer off the commodity directly employ about 600 people in the three EU countries.
