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World China threatens to impose retaliatory tariffs on US natural gas

06:07  04 august  2018
06:07  04 august  2018 Source:   thehill.com

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China is threatening to put big tariffs on imports of liquefied natural gas (LNG) from the United States . China ’s Finance Ministry said on Friday it would consider imposing a 25 percent levy on LNG imports as part of a package of billion in retaliatory tariffs against U . S . products after

As the US - China trade spat turns into a full-blown war with tariffs and retaliatory tariffs and threats of further tariffs , US energy exports to Up until Friday, China had excluded LNG from the goods that it would hit with an import tariff in retaliation for a possible new US round of tariffs on Chinese goods.

Video provided by Reuters

China is threatening to put big tariffs on imports of liquefied natural gas (LNG) from the United States.

China's Finance Ministry said on Friday it would consider imposing a 25 percent levy on LNG imports as part of a package of $60 billion ($AUS 80 million) in retaliatory tariffs against U.S. products after President Trump imposed duties on some Chinese goods and commodities.

"The United States has deviated from the consensus of the two sides on several occasions, unilaterally escalating trade frictions, seriously violating the rules of the World Trade Organization, undermining the global industrial chain and the free trade system, substantially harming the interests of our country and the people, and will also include the United States," China said in proposing the levies.

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Chinese officials had promised to retaliate with tariffs on US imports, like soybeans, sorghum, autos, whiskey and other products. It will also result in retaliatory tariffs , further hurting American workers,” a chamber spokeswoman said. China denies it will be first to impose tariffs on bn of US goods.

Beijing retaliated by imposing similar charges on the same amount of US products. "Foreign investors don't want to be in China ". China vowed to retaliate while also urging Washington to act rationally and return to talks to resolve the dispute. Signalling the nation's readiness to respond to higher tariffs

China received 103.4 million cubic feet of LNG from the U.S. last year, the Energy Information Administration says. It ranked No. 3 as an LNG recipient, behind only Mexico and South Korea.

The U.S. has only started exporting LNG en masse in the last few years, owing to the explosion of natural gas production thanks to fracking and other drilling methods.

China's tariffs could threaten to significantly dampen the growth of LNG exports, which have been central to Trump's energy agenda. The energy industry has already expressed strong opposition to Trump's trade battles as they fear direct hits on the industry.

The Center for Liquefied Natural Gas pushed Trump and China to resolve the spat.

  China threatens to impose retaliatory tariffs on US natural gas © Provided by The Hill

"The Administration's 'Energy Dominance' and 'New Energy Realism' agendas will cease to exist if one of the largest energy markets in the world is preemptively placing tariffs on LNG," Charlie Riedl, the industry group's president, said in a statement.

"Should these tariffs remain, China will source the LNG from other suppliers eager to fill the gap. This would be a tremendous missed opportunity and would have very real effects on the U.S. LNG industry," he said.

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