China is planning to cut imports of US crude oil after September, sources told Reuters, after Beijing announced that energy products were to be hit with retaliatory tariffs.
In a concession to Washington, China had previously committed to increasing its volume of US energy purchases, including oil, natural gas and coal, but it is now threatening to impose a 25% duty on barrels of crude oil.
Exactly when the tariffs are to be signed in has not been reported.
According to Sinopec officials, purchases through July will remain unchanged, which this year reached record highs. Before the recent tariff threats, Sinopec had planned to increase trading to up to 300,000 barrels a day by the end of the year.
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