Crude slides after China announces tariff on USA oil products

Cars to be exported are seen at a port in Lianyungang Jiangsu province China

The U.S. Trade Representative's office only removed five items from the original list after a 46-day public comment and review period. Chinese imports of goods and services into the United States a year ago amounted to almost $524 billion.

Several large American companies have said they would adjust their supply chains to source outside of China if tariffs on Chinese goods impacted them, while China's Haier Group (1169.HK) said rising steel prices amid hefty us import tariffs was driving up costs for its business in America. Washington applied a 25% tariff on Chinese imports including airplane tires and various industrial parts.

Negotiations broke off after the Trump administration imposed the tariffs on $34 billion in Chinese imports, a move the Chinese said would void any promises they'd made in negotiations.

Among the products removed from the earlier list on $16 billion of imports were shipping containers, including those used by freight companies.

"Whether you're a farmer, a fisherman, or a factory worker one thing is clear - tariffs are counterproductive for long-term U.S. economic success", Myron Brilliant, vice president for global affairs at the U.S. Chamber of Commerce, said in a statement.

Economists warn that a prolonged trade war between China and the United States could end up increasing prices for American consumers and hurting U.S. businesses.

"We expect export growth to cool in the coming months, though this will primarily reflect softer global growth rather than United States tariffs, the direct impact of which will continue to be mostly offset by the renminbi's (yuan's) recent depreciation".

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The new list covers products such as semiconductors, electronics, plastics, and railway equipment.

Talks between China and the US have failed to produce an agreement on the issue, prompting China to retaliate with tariffs of its own and US President Donald Trump to escalate his threats.

Due to the rising trade tension between China and the United States, the trading arm of Chinese state oil major Sinopec is said to have suspended imports of crude oil from the United States.

But the Chinese government can employ other tools if the conflict continues.

The latest commentary from state media on Wednesday took a softer line after resorting to personal attacks against Trump earlier in the week, saying China could get through the storm but refrained from directly mentioning the US president.

"We'll know China is really feeling the pressure when they start stirring nationalist sentiment or calling for boycotts against USA", said Bruce Andrews, managing director of Rock Creek Global Advisors. "By continuing to up the ante, Trump is, in effect, publicly demanding an unconditional surrender from Beijing".

According to a study released Tuesday by the U.S. Federal Reserve Bank of Atlanta, Washington-fueled trade tensions with other economies have prompted nearly a fifth of U.S. businesses including about 30 percent of manufacturers to review their capital spending plans.

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