• 4 minutes Pompeo: Aramco Attacks Are An "Act Of War" By Iran
  • 7 minutes Who Really Benefits From The "Iran Attacked Saudi Arabia" Narrative?
  • 11 minutes Trump Will Win In 2020
  • 15 minutes Experts review Saudi damage photos. Say Said is need to do a lot of explaining.
  • 4 hours Let's shut down dissent like The Conversation in Australia
  • 1 min Ethanol is the SAVIOR of the Oil Industry, Convenience Store Industry, Automotive Supply Chain Industry and Much More!
  • 8 hours One of the fire satellite pictures showed what look like the fire hit outside the main oil complex. Like it hit storage or pipeline facility. Not big deal.
  • 5 hours Saudi State-of-Art Defense System looking the wrong way. MBS must fire Defense Minister. Oh, MBS is Defense Minister. Forget about it.
  • 3 hours Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 7 hours Trump Accidentally Discusses Technology Used In The Border Wall
  • 15 hours Donald Trump Proposes Harnessing Liberal Tears To Provide Clean Energy
  • 21 hours Drone attacks cause fire at two Saudi Aramco facilities, blaze now under control
  • 14 hours Saudis Buying Oil From Iraq
  • 14 hours Saudis Confirm a Cruise Missile from Iranian Origin
  • 5 hours Hong Kong protesters appeal to Trump for support.
  • 1 day China Faces Economic Collapse
  • 1 day Democrats and Gun Views
Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Oil Falls As Trump Threatens New Tariffs On China

Oil prices fell on Monday as President Donald Trump has threatened China to slap a 25-percent tariff on hundreds of billions worth of Chinese goods that have as yet “remained untaxed” adding that the US will increase the current 10-percent tariff on US$200 billion worth of goods to 225 percent, he said in a series of tweets, sparking worry that ongoing trade negotiations may not have the positive outcome markets hoped for until recently. Oil prices reacted with a drop.

For 10 months, China has been paying Tariffs to the USA of 25% on 50 Billion Dollars of High Tech, and 10% on 200 Billion Dollars of other goods. These payments are partially responsible for our great economic results. The 10% will go up to 25% on Friday,” Trump tweeted on Sunday.

The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!” the President of the United States added.

Another round of tariffs will in all likelihood prompt a retaliatory move, which, as before, many worry will affect U.S. oil and LNG exports to China. Currently, China taxes U.S. LNG imports at a 10-percent rate but does not tax crude oil imports. These were suspended last summer anyway, as Chinese refiners waited to see where trade negotiations will go. It was only last month that China’s Unipec—the trading arm of Sinopec—received the first cargo of U.S. crude since September.

Commenting on the latest tariff update from the President, the director of the National Economic Council, Larry Kudlow, told Fox News, "The president is I think issuing a warning here, that we bent over backwards earlier. We suspended the 25% tariff to 10%," S&P Global Platts reports.

The official added that the negotiations with the Chinese side were ongoing.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play