China imposes 25% tariffs on US oil products
Reuters, August 23, 2018
China on Thursday implemented tariffs on a second tranche of US goods, targeting oil products and coal for the first time, in retaliation to US tariffs effective the same day and paving the way for crude oil and LNG to be hit next. Energy commodities including propane, butane, naphtha, jet fuel and coal are on the second list of $16 billion worth of US products that attract 25% additional tariffs from August 23, 12:01 pm Beijing time (0401 GMT), according to China’s Ministry of Commerce announcement on August 8.
Oil slips as trade spat escalates; but crude stock decline supports U.S. crude
Reuters, August 23, 2018
Oil prices slipped on Thursday, weighed down by the escalating trade dispute between the United States and China, although a decline in U.S. commercial crude inventories offered some support. The United States and China escalated their acrimonious trade war on Thursday, implementing punitive 25 percent tariffs on $16 billion worth of the other’s goods. Washington is holding hearings this week on a proposed list of an additional $200 billion worth of Chinese imports to face duties.
The number of Americans filing for unemployment benefits fell last week, a sign the labor market was holding firm despite tensions between the United States and its trading partners that have spawned restrictions on global commerce. Initial claims for state unemployment benefits slipped 2,000 to a seasonally adjusted 210,000 for the week ended Aug. 18, the Labor Department said on Thursday. It was the third straight week of declines for claims, which have dropped so low that economists have scrambled for explanations. In July, claims fell to their lowest level since 1969 even though the workforce is much larger than in prior decades.
From the Washington Examiner Daily on Energy:
SENATORS HAIL TRUMP’S SCIENCE ADVISER IN NOMINATION HEARING: Senators of both parties on Thursday morning hailed Trump’s nominee to be his first science director, Kelvin Droegemeier, an expert in extreme weather from the University of Oklahoma.
“There is no question to your qualifications,” Sen. Bill Nelson, D-Fla., said at Droegemeier’s confirmation hearing before the Commerce, Science, and Transportation Committee. “Your work on extreme weather is very important to the country. If confirmed, you have a tough task ahead of you, but a lot of us on the committee are going to be happy you are the White House science adviser.”
Science overcomes Trump’s politics: Trump had left the science and technology adviser position vacant for 19 months before nominating Droegemeier, providing fodder to critics who say his administration is downplaying science, especially as it relates to climate change.
But Droegemeier, a Republican, has bipartisan credentials to take the helm of the Office of Science and Technology Policy, a White House agency that helps set policy on issues involving innovations in medical research, self-driving cars, artificial intelligence — and climate change. Supporters say he accepts established climate science.
“Science has no politics. Science is just science,” Sen. James Lankford, R-Okla., said Thursday. “He knows his stuff he will be doing a great job,” Lankford added of Droegemeier. “There is no one in America better qualified for this position.”