DURHAM, N.C. – (August 10, 2018) – The Michael Best Strategies (MBS) trade team and law firm Michael Best & Friedrich LLP, is pleased to announce that SNP Inc., a family-run specialty chemical manufacturer, received a significant victory this week in saving one of the company’s primary products from being subjected to the Trump administration’s latest round of tariffs, which are set to go into effect August 23, 2018.
On Tuesday, the Office of U.S. Trade Representative (USTR) announced its final list of $16 billion worth of Chinese products exposed to the additional 25 percent tariff, which included SNP’s core product – alginic acid – a unique component stemming from a certain kind of seaweed found along China’s coast. SNP, a small, woman-owned and family-operated company, is the principal U.S. supplier of alginate products used in the paper, packaging and textile industries and their business relies on the abundant supply of alginic acid in China to meet the growing demand for green products in the U.S.
“This is a major victory for the continued growth of SNP’s business,” said Denise Bode, client lead, and partner at MBS. “The proposed tariff on alginic acid would have been incredibly detrimental for SNP while giving its foreign competitors a strategic advantage in the U.S. We’re glad USTR supported SNP’s thriving small business by removing its key product.”
“The Michael Best team’s strategic counsel and technical support throughout the entire engagement process with USTR, the Section 301 Committee and our congressional delegation was absolutely instrumental in this win,” said Pat Phillips, General Manager of SNP, Inc. “This a tremendous outcome, and we could not be more thrilled.”
Alginic acid was one of just five of the 284 products that have been removed from the USTR’s initial list.