China crude imports rise, but capped by weak 'teapot' demand

Cornelia Mascio
Agosto 9, 2018

March 22:Trump announces plans to hit$50 billion worth of Chinese goods with a 25% tariff.China announces tariffsin retaliation to the steel and aluminum duties and promises a response to the latest United States announcement. It represents the latest salvo in the ever-expanding trade war between the USA and China.

Negotiations broke off after the Trump administration imposed the tariffs on $34 billion in Chinese imports, a move the Chinese said would void any promises they'd made in negotiations.

US President Donald Trump started announcing new tariffs on imports in January as part of an attempt to negotiate what he called "fair, bilateral trade deals that bring jobs and industry back onto American shores".

The United States and China trade goods and services worth about $650 billion each year, the largest trading relationship in the world between two countries.

The Trump administration has maintained that the tariffs are necessary to force China into changing economic behavior it says harms the US.

United States president Donald Trump has threatened to target all $500bn of Chinese imports.

China placed tariffs on USA imports including pork and soybeans. It would likely have to impose penalties on US companies doing business in China to make up the difference.

April 4: China rolls out a listof more than 100 United States goods worth roughly $50 billion that are subject to retaliatory tariffs.

June 15: Trump rolls out thefinal list of goods subject to new tariffs. A third and further damaging round is proposed on an eye-watering $200 billion worth of trade, around $1 billion of which is said to be bicycle related goods.

The decision follows Washington's announcement Tuesday that it will implement levies on $16 billion of Chinese products starting from the same date.

China's crude oil imports in July rose for the first time in three months, but were still at their third lowest monthly level so far this year, as independent refiners continue to suffer from the new tax regime eroding their refining margins.

U.S. industries and farmers have been caught in the crossfire, and the Trump administration announced $12 billion in aid to help farmers hurt by duties on crops such as soybeans.

The tariffs will be activated on August 23, the ministry said, the same day that the United States plans to begin collecting 25 percent extra in tariffs on $16 billion of Chinese goods.

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