China tariff threat could be a boon for Gulf oil exports

China tariff threat could be a boon for Gulf oil exports

The president announced on Friday that the US would impose 25 percent tariffs on $50 billion in Chinese goods.

Security guards walk in front of containers at the Yangshan Deep Water Port in Shanghai, China on April 24, 2018.

Trump warned on Monday that Washington would impose a 10 percent tariff on $200 billion of Chinese goods after Beijing's decision to raise tariffs on $50 billion in USA goods, which was in retaliation for US tariffs announced on Friday.

After the U.S. Commerce Department officially determined China was using Vietnam to circumvent anti-steel dumping measures, Trump suggested that the U.S. may need a "different structure" in crafting a trade deal with China.

Mr Trump said he asked trade advisers to identify additional Chinese products on which to impose new tariffs.

"Asian countries that have close trade ties to China such as South Korea and Japan are bracing for side effect of the trade war", Park Jin-woo, researcher at Center for Trade Studies under Korea International Trade Association. "These tariffs are essential to preventing further unfair transfers of American technology and intellectual property to China, which will protect American jobs", the president said at the time.

Trump's latest comments came hours after US Secretary of State Mike Pompeo accused China of engaging in "predatory economics". "Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong", he said.

"China would then buy the additional Saudi and Russian output, using it to replace cargoes from the United States, and even from Iran, assuming the renewed United States sanctions against Iran force Beijing to curtail imports".

China's central bank unexpectedly injected 200 billion yuan ($31 billion) in medium-term funds into the banking system on Tuesday in a move analysts said reflected concerns about liquidity but also the potential economic drag from a full-blown trade war.

Who is rapper XXXTentacion, the rapper killed in Florida?
Eyewitnesses told the publication that they heard multiple shots fired, after which the rapper "appeared lifeless with no pulse". TMZ reported on Monday that XXXTentacion was shot in a "possible drive-by" while shopping for motorcycles in Florida.

Shanghai-based hedge manager David Dai said the rapidly escalating trade tensions between Washington and Beijing have added woes to an already fragile stock market and make calling the bottom very hard.

The US and China, the world's top two economies, already announced Friday tit-for-tat measures on goods valued at about $50 billion as the US president pushes ahead with his protectionist America First agenda.

"The trade relationship between the United States and China must be much more equitable". The tariffs were the result of an investigation by Commerce Department into the theft of United States intellectual property by Chinese companies.

Trump's latest move, as Washington fights trade battles on several fronts, was unexpectedly swift and sharp.

The president said on Monday that he has an "excellent relationship" with his Chinese counterpart, and that the two countries would continue to work together.

Gulf oil producers may benefit from China's threat to impose import tariffs on U.S. crude and other energy products, as key exporters meet to discuss production increases later this week.

The tariffs could affect $50-$60 billion worth of goods and increase trade tensions.

Trump said Monday that China's response "indicates its determination to keep the United States at a permanent and unfair disadvantage".

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