The President of one of China’s largest carriers of petroleum products China Merchants Energy Shipping has said that his country has stopped buying crude oil from the United States of America.
Recently, China was ranked second in the list of Washington regarding the largest importers of this raw material. Now the leader of the Asian region decided to use oil as economic leverage in a trade war.
The first step in this confrontation did Donald trump. Photo: Depositphotos
Experts note that Chinese companies involved in the supply of raw materials, had already decided to abandon the American oil. Despite the fact that this product is not among the products that China imposed additional duties, market players are played ahead of the curve and started to work with other suppliers.
Experts from the economic sector to remind: during the short period of time, while China has purchased oil from US, he took the second position in terms of procurement. More only available in Canada. However, due to fierce trade wars economic cooperation began to break down.
The first step in this confrontation did Donald trump. The politician believes that China maintains with the United States of America unfair game here, delivering a huge amount of goods at competitive prices, and products from the USA does not allow on its market.
Because of the fierce trade wars economic cooperation began to break down. Photo: Allships
18 Sep Donald trump has signed a decree on new duties, which will cost China an additional $200 billion annually. The American leader said he was ready to expand the list of goods subject to increased tariffs if the other party will impose retaliatory duties.
As expected, China did not react to such statements and announced the introduction of new tariffs, totaling $60 billion. Now there is news about the complete rejection of oil. How it will react to US, will be known soon.
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