The US Has Stopped Oil Supply to China
OREANDA-NEWS Oil supplies from the US to China are completely stopped. The reason is trade conflict between the countries. This was announced by the President of China Merchants Energy Shipping (CMES) Xie Chunlin, reports Reuters.
"We are one of the main oil carriers from the USA to China. Before the trade conflict, it was a good business, but now it is completely stopped," Chunlin said at the shipping summit in Hong Kong. This fact is confirmed by the tracking data of vessels Refinitiv Eikon.
Since the beginning of 2018, there has been a trade war between the US and China, which is expressed in a mutual increase in duties on various groups of goods. Trump accused Beijing of unfair play and complained of too large a deficit in the bilateral trade balance. Later, he announced a trade victory over China, which will not be able to overtake the US economy. According to Bloomberg estimates, China's GDP is expected to grow by 6.6 percent, which will be the lowest since 1990, due to losses in the trade war at the end of the year.
At the end of September, new US duties of 10% on goods from China with an import volume of $ 200 billion a year came into force. China introduced in response the fee rate of 10% and 5% on American imports with a volume of $ 60 billion.
Analysts of the S&P Agency warned that almost all goods from China imported to the United States may soon fall under US duties. "This increases the likelihood that Trump administration will introduce new import duties of $ 250 billion or more on the goods of his largest trading partner. Thus, almost every Chinese product sold in the US will be taxed," S&P writes.
In addition, Washington has imposed sanctions against the Department of Military Training and Supply of the Central Military Council of China and the head of the Department Lee Shanfu. The White House explained that restrictive measures are introduced because of cooperation with Rosoboronexport. In particular, the reason is the purchase of SU-35 and S-400 anti-aircraft missile systems.
US President Donald Trump, speaking at a press conference on October 1, said that the current imbalance in trade between the US and China is not to blame Beijing, but the leadership of the United States of past years.
On Wednesday, the foreign Policy publication, citing sources in the administration of US President Donald trump, reported that Washington plans to accuse Beijing of using a monopoly on certain natural resources to "undermine the us US-industrial base."
"China deliberately organized its exports of resources and its trade policy in the manufacturing industry so as to undermine America's leadership in critical industries," the publication quoted a study commissioned by Trump.