• 5 minutes Iran Says It Arrested 17 CIA Spies, Some Sentenced To Death
  • 9 minutes Will We Ever See 100$+ OIL?
  • 13 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 1 hour Iran Loses $130,000,000 Oil Revenue Every Day They Continue Their Games . . . .Opportunity Lost . . . Will Never Get It Back. . . . . LOL .
  • 5 hours Oil Giant Saudi Arabia Is Set to Start First Wind-Power Plant
  • 5 hours How is E&P of Marginal Oil on the UKCS Similar to the Shale Oil Operations in the US?
  • 2 hours So You Think We’re Reducing Fossil Fuel? — Think Again
  • 23 mins Berkeley becomes first U.S. city to ban natural gas in new homes
  • 4 hours EIA Reports Are Fraudulent : EIA Is Conspiring With Trump To Keep Oil Prices Low
  • 17 mins N.Y. Governor Signs Climate Bill
  • 11 hours Renewables provided only about 4% of total global energy needs in 2018
  • 14 hours Today in Energy
  • 15 hours First limpet mines . . . . now fly a drone at low altitude directly at U.S. Navy ship. Think Iran wanted it taken out ? Maybe ? YES
  • 8 hours Shale Oil will it self destruct?
  • 3 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 11 hours Which is a better domain name for OAPEC?
Alt Text

Oil Prices Set For Worst Weekly Drop In Five Weeks

Concerns about weakening global economy…

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