Analytical Instrumentation

  • China's US Oil Tariffs Come Into Force

China's US Oil Tariffs Come Into Force

Sep 19 2019 Read 336 Times

In a new development in the ongoing trade war between the United States and China, revised oil tariffs have come into force and seen a 5% tariff slapped on American crude exported to the People's Republic. The oil tax is a response to the 15% tariffs imposed on more than US$125 billion worth of Chinese goods, including electronics, clothes and footwear.

The tariffs introduced by President Donald Trump target mass-produced, Chinese-manufactured products such as smart watches and flat-panel TVs, which are popular with American consumers. Trump asserts the taxes are designed to decrease the country's reliance on Chinese goods and support an independent economy. In a tweet, the President said the move is about "American Freedom" and claims the taxes will "redirect the supply chain" and help the US achieve economic independence from the People's Republic. "There is no reason to buy everything from China," he says.

Experts warn US-imposed taxes will backfire

Qi Zhenhong, head of a government think tank organisation called the China Institute of International Studies, warns that the 15% tariffs imposed by the United States will backfire and damage the American economy. In the long term, he says they will not have a negative impact on Chinese development.

National groups such as Tariffs Hurt the Heartland agree, with the introduction of American taxes on Chinese goods receiving heavy criticism. The group is fronted by more than 150 of the largest trade organisations in the United States and features representatives from a myriad of industries, including retail, agriculture and manufacturing.

Trump accused of "betting the health of our entire economy"

“The administration is betting the health of our entire economy on a tariff strategy that is a proven loser," warns Tariffs Hurt the Heartland. "These added tariffs will ratchet up consumer prices, stall business investment, escalate uncertainty and cost American jobs. Congress can’t sit on the sidelines any longer while jobs, retirement savings and local farms are put at risk by a trade war that gets more dangerous by the day. Enough is enough.”

With economic relations between the United States and China becoming increasingly volatile, many crude manufacturers are exploring new ways to maximise efficiency and decrease risk in the face of an unstable market. Want to know more about how this is being achieved? 'Supercritical Fluid Chromatography: A powerful tool for hydrocarbon type analysis' introduces the innovative SFC method D5186, which offers a viable alternative to the FIA method for common middle distillate fuels

Reader comments

Do you like or dislike what you have read? Why not post a comment to tell others / the manufacturer and our Editor what you think. To leave comments please complete the form below. Providing the content is approved, your comment will be on screen in less than 24 hours. Leaving comments on product information and articles can assist with future editorial and article content. Post questions, thoughts or simply whether you like the content.

Post a Comment




Digital Edition

Petro Industry News November 2019

November 2019

In This Edition Fuel for Thought - Leading European sensor trade event taking place in 2020 already selling out fast - Endress+Hauser and Vector CAG secure contract at large Texas refinery...

View all digital editions

Events

Saudi Plastics and Petrochem

Jan 13 2020 Riyadh, Saudi Arabia

IPTC 2020

Jan 13 2020 Dhahran, Saudi Arabia

National Biodiesel Conference & Expo 2020

Jan 20 2020 Tampa, FL, USA

SLAS 2020

Jan 25 2020 San Diego, CA, USA

European Gas Conference

Jan 28 2020 Vienna, Austria

View all events