Oil traders ready for musical chairs as China tariffs loom

Tariffs on US oil imports will make US oil too expensive in China – so they will shift to importing oil from Russia and Saudi Arabia. China is the world’s biggest oil importer.

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June 20, 2018

By Devika Krishna Kumar and Ayenat Mersie

NEW YORK (Reuters) ? Oil markets are bracing for a reshuffle of global trade flows as China threatens to impose tit-for-tat tariffs on imports of U.S. energy products, including crude.

China, which has bought an average 330,000 barrels per day (bpd) of U.S. crude oil this year, is threatening to place a 25 percent tariff on various U.S. commodity exports, including crude oil, although it is so far unclear when such a measure would come in place.

The decision came in response to U.S. President Donald Trump saying he was pushing ahead with hefty tariffs on $50 billion of Chinese imports.

And it triggered an aggressive response by Trump, who on Monday threatened to slap a 10 percent tariff on $200 billion of Chinese goods in addition to the import duties previously announced.

The tariffs could restrict the flow…

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