Chinese company suspends buying US oil amid trade war
Unipec, the trading arm of the state-run Chinese oil corporation Sinopec, has suspended crude oil imports from the US due to growing trade tensions between the two countries, Reuters cited sources familiar with the situation as saying Friday.
The move comes as Chinese customers start to reduce purchases of US oil in order to avoid a possible import tariff that Beijing threatens to slap on Washington amid the escalating US-Chinese trade spat.
"The worst-case scenario for the global economy, for the consumer, for everyone on the surface of the Earth, is to have no rules, to have the law of the jungle. […] Investors are going to pull back, the economy is going to lose steam and over time millions of jobs will be lost," Azevedo stressed.
The remarks came after US President Donald Trump accused China of staging a "vicious" attack on US farmers, referring to new tariffs that Beijing slapped on a number of American farm products, such as soy beans, corn, wheat, cotton, rice, beef, pork, poultry, fish, dairy, nuts and vegetables.
In an earlier round of tariffs announced in June and actualized on July 6, the US announced 25 percent duties on $50 billion worth of Chinese goods, to which Beijing China responded by imposing restrictions for the same amount of US imports.
The US-Chinese trade spat was fueled by Washington introducing 25- and 10-percent tariffs on steel and aluminium imports, respectively, from China which responded by slapping reciprocal tariffs on a spate of US imports.
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