More potential bad economics news as a result of Trump's tariffs:
SINGAPORE AND SEOUL (Bloomberg) -- China’s planned levies on U.S. crude as part of an escalating trade dispute threatens to dim the attractiveness of American supplies in the world’s biggest oil-importing nation.
The Asian nation imported 18.4 MMbbl of American crude and oil products in March, making it the third-biggest customer behind Mexico and Canada.
The dispute could spur Chinese refiners to turn to Middle East suppliers including the UAE as well as Iran, which is under pressure from sanctions by Donald Trump’s administration.
If the tariffs are implemented, “current flows of U.S. arbitrage crude to Asia could be affected, as it’ll be an extra cost that Chinese buyers will need to factor in when importing American supply,” said Den Syahril, an analyst at industry consultant FGE in Singapore.
SINGAPORE AND SEOUL (Bloomberg) -- China’s planned levies on U.S. crude as part of an escalating trade dispute threatens to dim the attractiveness of American supplies in the world’s biggest oil-importing nation.
The Asian nation imported 18.4 MMbbl of American crude and oil products in March, making it the third-biggest customer behind Mexico and Canada.
The dispute could spur Chinese refiners to turn to Middle East suppliers including the UAE as well as Iran, which is under pressure from sanctions by Donald Trump’s administration.
If the tariffs are implemented, “current flows of U.S. arbitrage crude to Asia could be affected, as it’ll be an extra cost that Chinese buyers will need to factor in when importing American supply,” said Den Syahril, an analyst at industry consultant FGE in Singapore.
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