NEWS
Oil   Gas  

US foregoes China tariff hike

US president Donald Trump is calling a temporary truce in his trade war with China following talks with Chinese president Xi Jinping on the sidelines of the G20 summit in Buenos Aires, Argentina.

The US will not proceed with a threatened increase in the tariff rate on $200bn/yr of Chinese imports to 25pc for at least 90 days. That higher rate was scheduled to take effect on 1 January. Instead, the US will leave the tariff rate at 10pc that it began to enforce on 24 September while Washington and Beijing continue their negotiations.

The US decision means that China will not reciprocate by imposing higher tariffs on US LNG imports. The compromise also allows US crude to continue to be imported into China duty-free.

US energy industry leaders were hoping the first face-to-face meeting between the two leaders since Washington launched the trade war would ease tensions or at least prevent the conflict from escalating.

The US administration has been demanding sweeping changes to Beijing's economic and strategic policies that leave little room for compromise.

But the White House today said China has agreed to purchase "a not yet agreed upon, but very substantial, amount of agricultural, energy, industrial and other product" from the US to reduce the trade imbalance between the two countries.

Trump rejected a similar compromise in May but now appears satisfied with the tariff measures already in place.

Altogether, the existing US tariffs affect about half of the $506bn/yr in imports from China. Reciprocal tariffs imposed by Beijing cover 85pc of the $130bn/yr of China's imports from the US, including most energy commodities.

The White House said Trump and Xi will continue talks on broader changes to China's policies.

"Both parties agree that they will endeavor to have this transaction completed within the next 90 days," the White House said. "If at the end of this period of time, the parties are unable to reach an agreement, the 10pc tariffs will be raised to 25pc."

News No: 2791
Date: 2018/12/02 - 16:52
News Source: Argus Media

LNG  US  China  Argentina 

Comments:

Leave a Comment:

   
   
   
 

Prospects brighten for Alaska's Pebble project after environmental impact statement released

The US Army Corps of Engineers has released the Draft Environmental Impact Statement (DEIS), as required under the National Environmental Policy Act, for Northern Dynasty’s (TSX: NDM; NYSE : NAK) Alaska Pebble project, one of the richest copper-gold deposits ever discovered.
 

Iran’s 10-Month Exports to Russia Up by 8.5%

Iran has exported $219.258 million worth of commodities to the Russian Federation in the first 10 months of the current local calendar year (March 21, 2018 – Jan. 21, 2019), indicating a 8.56 percent growth compared with corresponding period last year.
 

S. Africa: US Withdrawal from N. Deal Ineffective on Relations with Iran

South African Ambassador to Tehran Vika Mazwi Khumalo said on Tuesday that the US unilateral withdrawal from the Joint Comprehensive plan of Action (JCPOA), also known as the nuclear deal, will not decrease his country’s economic, commercial and cultural cooperation with Iran.
 

JCPOA to Stand, Intervention in Venezuela to Fail as US Empire on Its Last Leg: Author

Dean Henderson, author and geopolitical analyst from Missouri, said the US empire is nearing its end, predicting that the 2015 nuclear deal between Tehran and world powers will stand despite US pressures and Washington’s intervention in Venezuela will fail.
 

Iran Oil Exports Higher Than Expected in 2019

Iranian crude oil exports in January were higher than expected, while February shipments so far have been holding steady or even higher compared to last month, as several of Iran’s customers are using up their US sanction waivers to continue importing Iranian oil.
 

Qatar Developing Local Energy Industry

Qatar Petroleum signed preliminary deals worth more than $2.47 billion on Monday with oil services firms Schlumberger and Baker Hughes to boost the local energy industry.
Upcoming Events
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners