China’s plans to levy 5% tariff on US crude imports from September 1 prompted a drop in benchmark crude costs Friday, jeopardized seaborne US crude shipments heading to China and limiting shopping for curiosity in US crude from Chinese language refiners.
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That is the primary set of tariffs imposed by China on US crude to date, regardless of different key US vitality merchandise reminiscent of LNG already dealing with a 25% tariff by Beijing because the commerce battle started final yr.
China’s newest levy on US crude is a part of new tariffs on $75 billion value of US items imports that shall be applied in two batches from September 1 and December 15, the State Council’s Tariff Fee mentioned in a press release Friday on the Ministry of Finance web site.
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