Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
President Donald Trump said that he would have a major trade deal with U.K. after it leaves the European Union.Politicsread more
President Donald Trump said Sunday he was not happy after North Korea launched short-range ballistic missiles over the weekend.Politicsread more
The Goldman Sachs technology M&A team, led by Sam Britton, has cashed in on its software focus and decades of experience to dominate 2019's biggest deals.Technologyread more
American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead more
Carl Medlock used to work at Tesla. Now he's one of the few people in the U.S. that can fix the company's original Roadster electric vehicles.Technologyread more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
The summit comes amid fears over a global economic slowdown, and U.S. tensions over trade allies, Iran and Russia.Politicsread more
The world's second biggest economy is past a point where it cannot ignore its enormous debt anymore, according to an analyst.China Economyread more
Trump does have some powerful tools that would not require approval from U.S. Congress.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
The ongoing U.S.-China trade dispute stopped a surge in American oil exports to the Middle Kingdom, but as Washington and Beijing inch toward a deal, a trickle of U.S. crude appears to be making its way to Chinese shores.
The development comes as U.S. and Chinese negotiators recently wrapped up talks that prevented tariffs on hundreds of billions of dollars in goods from rising sharply on March 1. The dispute has disrupted once robust trade in energy products such as crude oil and liquefied natural gas between the world's two biggest economies.
China emerged as a major buyer of U.S. crude after President Barack Obama and Congress lifted the 40-year ban on exporting crude oil in 2015. During some months last year, China surpassed Canada as the top importer of American oil.
Beijing has declined to slap an import tax on U.S. crude in retaliation against the Trump administration's tariffs on Chinese goods. But Chinese buyers nevertheless stopped purchasing American supplies last year as the trade dispute with Washington escalated.
After the long pause in trade, China recently offloaded its first shipment of U.S. crude oil this year, although in a roundabout way. About 468,000 barrels of U.S.-origin crude oil was pulled from storage at Yeosu, South Korea, and shipped to China, according to tanker-tracking firm ClipperData.
Hongrun Petrochemical, an independent refiner, received the shipment of Eagle Ford crude at Qingdao Port on Sunday, according to S&P Global Platts, which reported the transfer overnight.
There are also signs that China may soon receive direct shipments of crude oil from the United States.
According to ClipperData, a ship called the Hong Kong Spirit recently loaded almost 2 million barrels at Moda Midstream's Ingleside terminal near Corpus Christi, Texas, and in the U.S. Gulf. The VLCC — or very large crude carrier — is currently declaring for Yantai, China.
"This destination may, however, change en route, but for now signals optimism on the trade war front. By the time the VLCC makes it to China in April, trade war concerns may have dissipated," said Matt Smith, director of commodity research at ClipperData.
This comes after several vessels carrying U.S. crude believed to be potentially headed for China instead discharged their cargoes in other Asian destinations.
Earlier this month, Genscape forecast a ship called The Manifa would deliver U.S. crude to China by mid-February, but it is now scheduled to discharge in South Korea, according to both ClipperData and Genscape.
Genscape flagged three other ships bound for Singapore as potentially delivering American oil to China. ClipperData says one offloaded in South Korea, while two others are about to discharge in Korea or Taiwan.
One other vessel, the Jag Lakshya, delivered Canadian crude loaded in the United States to China this month.
Despite the disruption in trade with China, the U.S. is exporting record amounts of crude.