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Latest duties on Chinese exports could raise US waste oil import costs
The Chinese oil sector is facing potential increases in prices when exporting waste fuel oils, waste fuel and waste kerosene to the US from 1 September 2019, after US President Donald Trump announced that more tariffs – of 10% – will be imposed on Chinese exports from that date. The additional duties do not cover standard petrol, diesel, biofuels, crude oil and natural gas.
Talks aimed at resolving trade disputes between the US and China continue, writes Keith Nuthall. Another round is scheduled to be held in September, although this would follow a round of retaliatory duties from the Chinese government on US exports, which were immediately promised by China’s Foreign Ministry. Meanwhile, the Chinese Yuan Renminbi (CNY/RMB) exchange rate against the dollar immediately weakened following President Trump’s 1 August 2019 export tariffs announcement. This rate is set by the People’s Bank of China – on 1 August, $1 bought CNY6.88 worth of waste oils and fuel; on 5 August it was CNY7.05, blunting the impact of the 10% tariff.
News Item details
Journal title: Petroleum Review
Subjects: Banking, finance and investment, Oil markets, Energy markets
