China needs one thing way more than US oil – US green bucks. Cut the market loose from the sweatshop and see the shirts crumple. Its a stone old thing and nobody ever has prevailed in a situation like this. Many have tried though.
The removal of U.S. crude from goods targeted by Chinese tariffs is a sign that America has become too big to ignore in the oil market. Less than two months after threatening to impose levies on imports of U.S. crude, the world’s biggest oil buyer has now spared the commodity. Only fuels such as diesel, gasoline, propane will be hit with duties on Aug. 23, according to China’s commerce ministry. That’s after the nation’s buyers, including top refiner Sinopec, began shunning American supplies to avoid the risk of tariffs.