US-China tariff war to persist: Condoleezza Rice
Former US secretary of state says a bipartisan consensus against its increasingly assertive rival will be lasting impediment to global trade and keep downward pressure on oil prices
Tariff tensions between the US and China—seen as a major factor in the benchmark WTI oil price being range-bound in the $50-65/bl band so far this year—may be prolonged longer than markets anticipate, according to former secretary of state Condoleezza Rice. The breakdown of the post-war consensus for international free trade—reinforced by the collapse of communism and entry of China into global capitalism—is breaking down and drawing the US into protracted action that will continue to diminish global trade, the George W Bush-era secretary told delegates at the Adipec conference in Abu Dhabi. There is a “kind of disappointment” with the integration of China into the international economy. “Th
Also in this section
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
