News By/Courtesy: Akshay Anurag | 07 Aug 2018 7:44am IST

HIGHLIGHTS

  • China proposed tariffs on US liquefied Natural gas and crude oil exports
  • It is hard to become an energy superpower when one of the biggest energy consumers in the world is raising barriers to consume that energy
  • US is the world's largest exporter of fuels such as LNG and diesel and is poised to become one of the largest exporters of LNG by 2019

New front Trade war between the US and China opens when later proposed tariffs on US liquefied Natural gas and crude oil exports. The tariff was imposed on the same day on which the biggest US crude oil buyer has suspended US crude oil imports due to the dispute. Earlier LNG was not included in the lift of proposed tariffs.  China announced the tariff on $60 billion worth US goods. This will hamper the US energy dominance ambitions.  Michael Cohen, the head of energy markets research at Barclays remarked that "the juxtaposition here is clear; it is hard to become an energy superpower when one of the biggest energy consumers in the world is raising barriers to consume that energy. It makes it very difficult”.

According to the statistics, the United States is the world's largest exporter of fuels such as LNG and diesel and is poised to become one of the largest exporters of LNG by 2019. U.S. LNG exports were worth $3.3 billion in 2017 and China is the biggest crude oil importer. It has become the world’s second-biggest LNG importer in 2017 as it bought LNG in order to reduce the usage of dirty coal to reduce pollution.  On the ongoing situation, Charif Souki, chairman of Tellurian Inc, one of several companies seeking to build a new LNG export terminal said that “this will not affect the trade but will simply make gas more expensive to Chinese consumers”.

Section Editor: Shilpa Rani | 07 Aug 2018 7:53am IST


Tags : #US #China #TradeWar #Tariff #CrudeOil #ImportExport

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