Chinese oil importers shun U.S. crude despite tariff reversal

August 15, 2018

Chinese oil importers are shying away from buying U.S. crude as they fear Beijing’s decision to exclude the commodity from its tariff list in a trade dispute between the world’s biggest economies may only be temporary.

Not a single tanker has loaded crude oil from the United States bound for China since the start of August, Thomson Reuters Eikon ship tracking data showed, compared with about 300,000 barrels per day (bpd) in June and July.

The United States and China have been locked in a tit-for-tat trade spat over the last few months, but crude was dropped from China’s final list of tariffs on $16 billion in U.S. goods announced last week...

This was excerpted from the 15 August 2018 edition of CBC News.

Topic(s)

International Trade and Border Management

Information source

Canadian News Channel

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