China has announced a 5% tariff on imported US crude oil in retaliation for US President Donald Trump’s recent escalation of the countries’ trade war.
Crude oil is on a new list of goods worth about $75 billion subject to tariffs as high as 10%.
China has announced a 5% tariff on imported US crude oil in retaliation for US President Donald Trump’s recent escalation of the countries’ trade war.
Crude oil is on a new list of goods worth about $75 billion subject to tariffs as high as 10%, some taking effect Sept. 1 and others Dec. 15.
Timing of the Chinese tariffs matches that of Trump’s two-phase round announced Aug. 1 on about $300 billion worth of goods. The new US round will make almost all Chinese imports by the US subject to new or increased duties.
In June 2018, China had listed crude among products subject to duties retaliating for an earlier round of US tariffs but replaced it with other goods when the round took effect last August.
China imposed a tariff of 10% on US LNG in September 2018 and increased the rate to 25% in May.
US crude oil exports to China in May averaged 247,000 b/d, according to the US Energy Information Administration.
