China-US trade war heats up
Energy isn't at the core of current trade tensions, but US exports could emerge as a bargaining tool as the spat moves toward negotiations
US President Donald Trump has insisted on Twitter that the US is not engaged in a trade war with China, but the severity of this week's opening salvos suggests that economic tensions between the countries are more likely to expand than contract in the coming weeks and months. Washington struck first by placing 25% tariffs on $50bn's worth of Chinese imports, as Trump at last followed through on a consistent theme of his protectionist campaign rhetoric. But Beijing quickly shot back with tariffs of its own on a range of US goods including soybeans, beef, chemicals and cars, aiming to inflict not just economic damage on the US but also political injury to Trump. Markets tumbled in response on
Also in this section
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
1 December 2025
The North African producer’s first bidding round in almost two decades is an important milestone but the recent extension suggests a degree of trepidation
