Saturday, 20 October, 2018

Crude slides after China announces tariff on United States oil products

Cars to be exported are seen at a port in Lianyungang Jiangsu province China Cars to be exported are seen at a port in Lianyungang Jiangsu province China
Scott Davis | 10 August, 2018, 06:35

China on Wednesday said it would impose tariffs on an additional $16 billion in us autos and energy products, retaliating for the Trump administration's latest import levies on an equivalent value of Chinese goods.

An earlier round of tariffs that went into effect on July 6 applied to $34 billion in imports.

USTR said there were 279 new goods to be targeted in the latest round of tariffs. The number of categories of goods subject to tariffs rose to 333 from 114 in the June draft, although the total value is unchanged.

China has, in recent years, become a key export market for growing US energy exports.

The latest United States tariffs on 279 products, including motorcycles, speedometers and antennas, will also take effect August 23.

Representatives for the White House, the U.S. Trade Representative and the U.S. Department of Commerce did not immediately reply to requests for comment.

Tensions between the world's two largest economies continue to rise as the White House prepares to impose tariffs on another $16 billion of goods from China this month and as Beijing plans to retaliate.




USTR is conducting a public comment period for those tariffs, which could reach 25 percent, due to end September 5.

While trade tensions are being ratcheting up, China's trade surplus with the USA stood at US$28.1 billion in July, close to the record-high in June, data released Wednesday showed.

The latest tariff salvos stem from Trump's complaint that China is unfairly acquiring American technology via coercive joint ventures with USA companies, cybertheft and other violations of intellectual property rights.

President Donald Trump has threatened to impose tariffs on almost all Chinese imports to the US.

World financial markets have taken a battering in recent months as fears grow that Trump's "America First" policies could derail a global economic revival.

The latest commentary from state media on Wednesday took a softer line after resorting to personal attacks against Trump earlier in the week, saying China could get through the storm but refrained from directly mentioning the US president.

As the U.S. -China trade spat turns into a full-blown war with tariffs and retaliatory tariffs and threats of further tariffs, U.S. energy exports to China may suffer with Beijing now following through with its threat to slap tariffs on U.S. oil and oil product imports. "We have been very clear about the specific changes China should undertake".

Recommended

Twitter CEO Jack Dorsey explains why Alex Jones is not banned Twitter CEO Jack Dorsey explains why Alex Jones is not banned Dorsey addressed the issue one day after Jones, the Infowars personality, was banned from YouTube, Spotify and Facebook . Jones, who has 858,000 followers on Twitter, has built up his profile while promulgating conspiracy theories.

German Couple Convicted of Rape, Online Sale of Young Son German Couple Convicted of Rape, Online Sale of Young Son Berrin was sentenced to 12½ years in prison while Christian received a 12-year sentence in Freiburg state court. On Monday, the court also jailed a Spanish man to 10 years in prison for repeatedly sexually abusing the boy.

Angelina Jolie says Brad Pitt not paying 'meaningful' child support Angelina Jolie says Brad Pitt not paying 'meaningful' child support A document surfaced earlier this summer, which showed their judge ordered Jolie to give Pitt more time with their six children. Jolie, 43, filed for divorce from Pitt, 53, in 2016 after two years of marriage, citing irreconcilable differences.

5 killed in California shopping centre plane crash 5 killed in California shopping centre plane crash Orange County fire officials report that five are dead after a twin-engine crashed in a Staples parking lot in Santa Ana Sunday. The twin-engine Cessna plane crashed in Santa Ana, and had been bound to John Wayne Airport in Orange County, said Capt.

Tom Cruise fans do 'Impossible' thing for MISSION IMPOSSIBLE Tom Cruise fans do 'Impossible' thing for MISSION IMPOSSIBLE It marks the rare Disney film not to open at No. 1, though the studio had other milestones to celebrate. Disney/Marvel's Ant-Man and the Wasp bagged $573,000 in its fifth weekend, advancing to $18.8 million.

Manchester United Reject Barcelona Offer For Pobga Manchester United Reject Barcelona Offer For Pobga The Mail reports that Pogba has sent United executive vice-chairman Ed Woodward a message to inform him of his decision. Real Madrid midfielder Mateo Kovacic has refused to train or play for the club as he eyes a move to Chelsea .

Liverpool target Nabil Fekir won't rule out Lyon exit this week Liverpool target Nabil Fekir won't rule out Lyon exit this week It's been a bit of a roller coaster ride under Fenway's ownership since they bought the club back in October 2010. "Joel, we'll have to see", said Klopp speaking to the Liverpool Echo .

A California Wildfire Whirled Into a 'Fire Tornado' A California Wildfire Whirled Into a 'Fire Tornado' The report says the death of the 10-year veteran highlights the need for better risk assessment, communication and supervision. Farther north, crews gained ground against a deadly blaze that has destroyed more than 1,000 homes in and around Redding.

Advisors Reportedly Telling Trump to Stop Tweeting About the Trump Tower Meeting Advisors Reportedly Telling Trump to Stop Tweeting About the Trump Tower Meeting The meeting, first reported by The New York Times , happened two weeks after Trump secured the Republican nomination. In one tweet , he declared the media the "Enemy of the People" and accused outlets of sowing division and distrust.

John Kasich: GOP Candidate Said He Didn't Invite Trump To Ohio Rally John Kasich: GOP Candidate Said He Didn't Invite Trump To Ohio Rally Fasano and House Minority Leader Themis Klarides are trying to turn the focus of CT citizens away from President Donald Trump . In that race - taking place nearly exactly three months out from the national midterms - GOP candidate state Sen.

WHITE HOUSE: Trump says 'bad environmental laws' to blame for wildfires WHITE HOUSE: Trump says 'bad environmental laws' to blame for wildfires In Shasta County, the Carr fire located near Redding, California has burned entire neighborhoods and forced thousands to flee. The number one spot belongs to last year's Thomas Fire, which burned 281,893 acres.

Barcelona Agree Deal For Manchester United Ace, His Days Are Numbered Barcelona Agree Deal For Manchester United Ace, His Days Are Numbered The Premier League's transfer window shuts on Thursday, although Spanish clubs have until the end of August to sign players. Why? But Goal has claimed that United will not allow the 25-year-old to leave for the Nou Camp or any other club.

6 arrests made in Venezuela drone assassination plot; more likely 6 arrests made in Venezuela drone assassination plot; more likely Maduro said at no point did he panic, confident the military would protect him. Colombia also rejected Maduro's "absurd" accusation of involvement.

Demi Lovato to undergo rehabilitation after an overdose Demi Lovato to undergo rehabilitation after an overdose It is the reaction and actions of the bodyguard demi, who quickly oriented in a situation and saved her life. Currently, Lovato continues to be in the Los Angeles clinic, which was delivered after an overdose.

Sarri aims for long-term future at Chelsea Sarri aims for long-term future at Chelsea The important thing is to be ready for the new season". "It's very important for us to keep the top players". Courtois' future at Stamford Bridge remains uncertain, but Sarri hopes the Belgium goalkeeper will stay.