The U.S. trade war with China has one principal victim: American business and specially oil and gas producers that have found China to a lucrative market. If the dispute is not immediately resolved, China will find new newer and more reliable suppliers of those fuels.
Source: www.forbes.com
Protectionist policies by Donald Trump continue to impact various U.S. businesses particularly the large U.S. oil and natural gas industry which represents 8% of the gross national product. Recent tariffs on Chinese imports have resulted in retaliation measures by China on various U.S. imports including a 10% tariff on liquefied natural gas (LNG). This will have a significant impact on U.S. LNG producers as China represents the third largest importer of U.S.-produced LNG. U.S. crude oil exports to China fell to zero in August and September, following 350,000 barrels per day until June 2018.
