'I have not heard of this situation regarding the two calls that the U.S. mentioned in the weekend,' Foreign Ministry spokesman Geng Shuang.
"Imposing a tariff on U.S. crude is an act of self-harm on three fronts," Bank of America Merrill Lynch analysts wrote in the note, saying that the tariff would impact domestic refineries and reduce the competitiveness of petroleum product exporters."Thus, the latest round of tariffs suggests China's pain threshold is higher than the market has assumed so far."
Both governments have insisted they won't capitulate in the trade war, and global uncertainty driven by the trade war has stoked fears of a potential recession. Trump has sought to dismiss worries about the economy and repeatedly criticized the Federal Reserve, but if a recession comes, he will have trouble avoiding responsibility for a trade war he has driven.
The president has guided the tariff escalations of the trade war. China has responded to Trump by issuing its own tariffs, but the nation has taken a more measured approach to the trade war,, an economist at the Peterson Institute for International Economics. While, with the newest announcement of tariffs, Trump will have slated duties for all Chinese imports, Beijing has not announced or levied duties on almost a third of goods that the U.S. exports to China.attend a bilateral meeting on the sidelines of the G20 Summit in Osaka, Japan, on June 29.
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