Chinese tariffs on LNG, oil aim at USA energy dominance agenda

Chinese tariffs on LNG, oil aim at USA energy dominance agenda

Chinese tariffs on LNG, oil aim at USA energy dominance agenda

Beijing said it has been, quote, "forced to act" after the Trump administration on Wednesday announced it was considering raising its proposed tariffs on 200-billion dollars worth of Chinese imports from 10 to 25 percent.

The threat came a day after Chinese officials appealed for dialogue based on "mutual respect", with Foreign Minister Wang Yi urging the US on Thursday to remain "cool-headed".

The U.S. and European Union are working to form a "united front" against China that could soon expand, President Donald Trump's top economic aide said Friday.

On Friday, China announced retaliatory tariffs on $60 billion worth of USA goods, and warned of further measures, signalling it will not back down in a protracted trade war with Washington. So this unifies NAFTA and U.S., Europe, Australia, Japan.

While previously China issued retaliatory tariffs targeting US goods in areas of the USA where President Trump typically finds support, Friday's announcement from China did not identify which USA goods would be hit with the $60 billion in new retaliatory tariffs. Beijing responded by imposing similar charges on the same amount of USA products.

These new tariffs would affect about 38% of all American exports to China, which are worth about $170 billion in total. "It makes it very hard", said Michael Cohen, head of energy markets research at Barclays. Last year, China imported about $130 billion of United States goods.

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President Donald Trump blames the practices for putting United States companies at a disadvantage and helping to create a trade deficit.

China became the world's second biggest liquefied natural gas importer in 2017, buying more gas to wean the country off dirty coal to reduce pollution. Sinopec, through its Unipec trading arm, is the largest buyer of USA crude.

In an editorial on Wednesday, the state-run China Daily called the US' move "gangsterism", and said it showed the USA had no qualms about squeezing as much as it could from trade partners.

The new China tariffs on the USA will impact metals, chemicals, and agriculture-related items.

Wang also said on the sidelines of the forum that the United States was putting military pressure on countries in the region, including China.

The $43 billion project is still in development, and the Alaska Gasline Development Corp said on Friday that it believes the "current trade tensions between the United States and China will be resolved well in advance of Alaska LNG exports to China".

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