China said on Friday it would impose tariffs on U.S. crude oil imports for the f...
NEW YORK - China said on Friday it would impose tariffs on U.S. crude oil imports for the first time, sending prices down nearly 4% to two-week lows as the escalating bilateral trade war fed worries over a slowdown in global oil demand.
The trade war between the world’s two largest economies has dragged on for more than a year and roiled financial markets. Though Chinese and U.S. trade negotiators held discussions as recently as this week, neither side appears ready to make a significant compromise and there have been no signs of a truce in the near term.
“The tit-for-tat trade war now has the oil market officially caught in the crossfire, this time with China striking the heart of Trump’s traditional base of support of U.S. oil producers,” said Michael Tran, director of energy strategy at RBC Capital Markets in New York. “This escalation of the U.S.-China trade war is another step in the wrong direction, the consequences of which will be felt by American businesses and families,” Kyle Isakower, vice president of regulatory and economic policy at the American Petroleum Institute , the top lobbying group for U.S. oil and gas drilling, said in a statement.
“Chinese buyers will be looking to purchase Brent and Dubai-based crude oil and I would expect that to result in a widening of the Brent-to-WTI spread,” said Andy Lipow, president of Lipow Oil Associates in Houston.
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