• 5 days Retail On Pace For Most Bankruptcies And Store Closures Ever In One Year: BDO
  • 10 minutes America Could Go Fully Electric Right Now
  • 7 days Majors Oil COs diversify into Renewables ? What synergies forget have with Solar Panels and Wind Tirbines ? None !
  • 25 mins Most ridiculous green proposal
  • 3 hours Rethinking election outcomes for oil.
  • 11 hours China Sets Its Sights On Global [EV, AI, CRISPR, Fusion, Navel Lint Collector] Dominance
  • 2 hours Video Evidence that the CCP controls Joe Biden
  • 24 hours The Leslie Stahl/60 Minutes Interview with President Trump
  • 4 hours The City of Sturgis Update on the Motorcycle Rally held there, and the MSM's reporting hence
  • 9 hours P@A will cost Texas Taxpayers $117 Billion.
  • 8 hours Republicans Have Become the Party of Hate
  • 2 days Even Obama can't muster a crowd to support Biden.
  • 9 hours Australia’s Commodities Heartland Set for Major Hydrogen Plant
  • 1 day WallStreet Journal editorial " . . Big Tech-Media are the propaganda arm of Democrat Party leading to one party autocratic rule. " This is the State of the Union.
  • 2 days Saudi Oil Minister Abdulaziz said getting rid of oil "Far Fetched and Unrealistic". . True. . . but
  • 24 hours Permian in for Prosperous and Bright Future
  • 1 day Clean Energy Is Canceling Gas Plants
  • 2 days America's Frontline Doctors - Safely Start Living Again!
Hedge Funds Boost Bullish Oil Bets

Hedge Funds Boost Bullish Oil Bets

Portfolio managers increased their bullish…

World Bank Sees Oil Average $44 in 2021

World Bank Sees Oil Average $44 in 2021

Energy prices suffered the most…

Could Big Oil’s Shift To Renewables Be Good For Prices?

Could Big Oil’s Shift To Renewables Be Good For Prices?

Big oil’s shift toward renewable…

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