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China’s Tariff Turnaround: U.S. Crude Oil Drops Off the Target List
Keywords: China Oil, China Tariffs,
China's dollar for dollar retaliation on $16 billion of U.S. imports with 25% tariffs set to take effect August 23 excludes oil which was on the original list. China takes in about one fifth of the total U.S. oil exports, and in the space of 2 years has become the largest importer of U.S. oil. Experts say China could be shooting itself in the foot if it decides to place tariffs on oil imports from U.S. China is dependent on foreign sources for 70% of energy needs and this trend continues. Another reason say analysts is that by keeping oil out of this trade dispute there is more chance that China can continue importing Iranian oil through a waiver after U.S. sanctions on Iran go into effect in November.
The U.S. also exports higher quality oil that is less polluting and a grade which is used in newer plants.
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