Despite Weak Teapot Demand, China's Oil Imports Recover In July

Trump going ahead with tariffs on $16B in Chinese imports

And President Donald Trump has threatened to impose tariffs on virtually everything China sells to the United States. But it was 11 percent higher than in the same month previous year.

The 25 percent tariffs will go into effect August 23, targeting cars, crude oil, natural gas and coal.

China, however, would run out of USA imports to levy, as it bought only $130 billion worth of American goods past year.

China is turning the heat up in the trade war by placing $16 billion in tariffs against a variety of American exports, including automobiles and motorcycles, according to NBC News.

Announcing the new duties, the US Trade Representatives Office: "China directs and unfairly facilitates the systematic investment in, and acquisition of, US companies and assets to generate large-scale technology transfer".

July 6:The first tranche oftariffs on $34 billion worth of Chinese goodstakes effect; China responds in kind.

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In June, China's crude oil imports had dropped for a second consecutive month and hit their lowest level since December 2017 on the back of trimmed purchases by the independent refiners-the so-called "teapots".

The worry is that the escalating Sino-US trade war, rising corporate bankruptcies, and a steep decline in the value of the yuan versus the dollar could put a significant dent on the economy.

Imports grew 27.3 percent in July, customs said, beating analysts' forecast of 16.2 percent growth, and compared with a 14.1 percent rise in June. Its imports from the USA rose 11.8 percent in the same period. With higher oil prices this year and the taxes they now can't avoid paying, the teapots are expected to reduce their imports, threatening China's oil demand growth, and ultimately, global oil demand growth.

May 19: After a meeting, the two countriesannounce the outline of a trade dealto avoid the tariffs. The move comes as retaliation for the United States placing $16 billion in tariffs on Chinese goods.

For January-July, the surplus with the USA rose to $161.63 billion, compared with about $142.75 billion in the same period past year.

U.S. president Donald Trump has threatened to target all $500bn of Chinese imports. China in turn retaliated by proposing tariffs on $60 billion worth of US goods, with the extra levies ranging from 5 to 25 percent. China's exports to the U.S. fell by 2.5 percent to $41.5 billion month-on-month, while imports of U.S. goods plunged 1.5 percent to $13.4 billion, according to data from General Administration of Customs on Wednesday, as quoted by the media.

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