Commodities
China Turns to Iranian Crude as Tariffs Bite
An independent Chinese refiner, Dongming Petrochemical Group, has stopped buying US crude oil due to Beijing's plans to impose tariffs on imports. According to an official from the company, China is replacing US crude with West African and Middle Eastern crude, including oil from Iran.
The move comes as a response to US sanctions against Iran, which China refuses to comply with. China has already said it will not adhere to these sanctions, making it the only country doing so for now.
US crude exports to China reached 400,000 barrels per day at the beginning of this month, but Beijing plans to impose a 25% tariff on these imports as part of its retaliation against Trump's latest round of tariffs on $34 billion worth of Chinese goods.