China Trade War Threat To US Exports

China has been by far the largest single buyer of US crude so far this year, whilst for LNG it is second only to South Korea.

Some 427,000 b/d of US crude headed for China in May, second only to last October’s record 448,000 b/d. Volumes were also buoyant in June. But they slid in July as Chinese state buyers cut back on purchases under the threat that Beijing was mulling a swingeing 25% tariff on US crude.

The US imposed 25% tariffs on a range of Chinese goods, active from 23 August. Chinese planned retailiatory tariffs would be effective from the same day – so cargos of tariffed US goods loading from late July could be hit.


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