Chinese importer dumps US crude and buys Iran oil, midst BIGGEST TRADE WAR
Trump and Xi are currently having their trade war, started by President Trump on July 6, where tariffs of 25 percent on $34 billion of Chinese imports took effect. Xi responded with duties on the same value of US imports, ranging from soybeans to cars, and has vowed to respond proportionately to any new US tariffs.
Read more about their trade war here: https://steemit.com/politics/@junhyungkim/china-trade-surplus-with-us-hits-historic-high-midst-biggest-trade-war-ever
Dongming Petrochemical, an independent Chinese refiner, who employs nearly 6,300 employees, with total assets of 30 billion yuan ($4.5 billion) and the primary processing capacity is 15 million tons per year, has stopped importing US crude and is buying oil from Iran.
While Trump said the US could impose tariffs on more than $500 billion worth of Chinese goods, and his administration has prepared a new $200 billion list of Chinese products that could be levied with 10-percent tariffs, Xi has promised to neutralise all US's "aggression".
It will be interesting to see how the biggest trade war in history will end. This is a truly unprecedented event, and as more and more conflicts arise, I wonder how the events will unfold.
Personally, I see a huge conflict occurring in the world soon. We are already going through a chain of events that cannot be reverse or salvaged. What do you guys think?
Read more about the article: https://www.rt.com/business/433317-china-iran-crude-dedollarization/
Image credit: https://cdn1.i-scmp.com/sites/default/files/images/methode/2017/07/23/ee68c050-6d55-11e7-9575-882aa2208a4d_1320x770_130301.JPG
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A trade 'war' is a misconception. Better to call it a trade 'battle'. The reason is that after the opening exchange, the one who is worst effective typically beings to work on breaking their dependence so they have the option to stop trading with the aggressor if it is in their benefit. In other words, if you pay for a monthly service and despite you not paying your entire balance you kept receiving this service, it would be in the provider's best interest for them to convince you to bring your balance current. Otherwise, if the provider pushed to hard or cut you off, they would lose the potential not only for further profit but to recover that which was past due. Trump can squeeze China in the short-term but the longer this continues, the more China begins to diversify and the stronger their hand becomes.