China bumps tariffs on US LNG imports to 25 pct

China bumps tariffs on US LNG imports to 25 pct
Illustration purposes only (Image courtesy of Guangdong Dapeng LNG)

China has set out a new set of tariffs it plans to impose on goods imported from the United States which include liquefied natural gas (LNG). 

China’s Ministry of Finance on Monday noted that the US government increased its tariff on some $200 billion worth of goods imported from China. The tariffs were increased from 10 to 25 percent.

The ministry noted that the “measures by the United States have lead to an escalation in the Sino-US economic and trade relations.”

As a response, China has decided to increase tariffs on a list of items with a total worth of $60 billion. Tariffs on liquefied natural gas imports have been increased from 10 percent to 25 percent according to the ministry. The implementation starts on June 1.

Citing Refinitiv data, Reuters reports that during the last year, China imported a total of 33 cargoes of LNG in 2018, 25 being delivered in the first half of the year and the remaining eight in the second half. So far in 2019, only three US cargoes have reached China, one each in January, February and March.

However, Reuters cited both Cheniere and Tellurian expect the latest development in the China-US trade dispute to be temporary without impact on their LNG sales.

 

LNG World News Staff

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