U.S. Oil Vanishing From Chinese Tariffs Reveals America's Clout
- Latest China tariff list spares crude and includes only fuels
- Regional rivals were buying U.S. crude as China shunned supply
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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.