China's natural gas plan Chinese LNG tariffs will change the course of global trade
China's decision to impose retaliatory tariffs on liquefied natural gas imported from the US will increase efforts to separate the world's largest buyer and seller of the fuel.
Beijing announced a 15% tariff on American gas just moments after President Donald Trump imposed a tariff on goods from Beijing. China imported about 6% of its natural gas from the US last year.
The move is expected to push Chinese buyers who hold long-term contracts with US projects to resell their shipments elsewhere. The country's gas importers have already offloaded a large portion of their volumes to other markets, such as Europe, where prices are more attractive.
Already, Chinese LNG buyers are asking counterparts in Asia and Europe about swapping additional US shipments for other products, according to traders.
The disruption of trade flows "could drive up prices," analysts said. "The tariffs will create material inefficiencies in the market, which will benefit some traders in the regions."
Chinese firms are unlikely to sign new long-term contracts with proposed U.S. projects as long as trade tensions remain high. That's bad news for those U.S. exporters who need to secure buyers before they can get the financing they need to start construction.
Trump, concerned about the US's large trade deficits with several countries, has been clear in his intention to use the country's energy superpower status to balance the equation. His threats have prompted some buyers, such as India and Japan, to hold talks to buy more American gas, driving away Chinese firms.
Beijing has targeted American LNG before, adding tariffs on American imports in 2018 during Trump's first presidency.
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