News Oil 

Trump’s friends, Russia and China, delay US bid to cut off oil exports to North Korea

“According to the Security Council North Korea sanctions committee website, only Russia and China have reported legitimate sales of some 14,000 tons of refined petroleum to North Korea in 2018” writes Angela Charlton for businessinsider.com. In March the council blacklisted dozens of ships and shipping companies over oil and coal smuggling by North Korea. Source: businessinsider.com Share This:

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An under-the-radar move by Canadian Prime Minister Trudeau showed that Canada is ready to get tough with Trump on trade

“Canadian Prime Minister Justin Trudeau used a small, under-the-radar move during his Cabinet reshuffle to take a direct shot at US President Donald Trump’s policy and the burgeoning US-Canada trade conflict” writes Bob Bryan for businessinsider.com. As part of the broader reshuffle, Trudeau on Wednesday selected Jim Carr, formerly the minister of natural resources, to be the minister of international trade diversification.Trump kicked off a trade fight with Canada last month by imposing tariffs on steel and aluminum exports to the US. Trudeau responded with tariffs on nearly $13 billion…

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News Oil 

Setback for Trump: Saudi Arabia won’t export much more oil this month, official says

“Meanwhile, Saudi crude oil exports are poised to drop by 100,000 bpd in August compared with July” writes Jonathan Ernst for cnbc.com. Saudi exports were about 7.2 million bpd in June, an industry source told Reuters.The commentary from Saudi Arabia could be aimed at preventing oil prices from falling too far too fast, said John Kilduff, founding partner at energy hedge fund Again Capital.July exports from OPEC’s top producer will be roughly in line with last month’s total, the Dow Jones reported, citing Saudi OPEC governor Adeeb Al Aama.Oil prices…

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Japan exports to U.S. fall, business mood sours amid fears of trade war

“With American imports down 2.1 percent, Japan’s trade surplus with the United States widened 0.5 percent year-on-year to 590.3 billion yen ($5.24 billion)” writes Midwest Communications Inc for 95kqds.com. TOKYO (Reuters) – Japan’s exports to the United States fell for the first time in 17 months and Japanese business sentiment soured amid worries about U.S. President Donald Trump’s protectionist trade policies.Thursday’s trade data came on the heels of the Reuters Tankan, which showed business sentiment slipped in July, reflecting companies’ fears about an intensifying trade dispute between the United States…

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News Oil 

Corruption probe could follow lifting of Libyan oil blockade

“Under an uneasy equilibrium, oil, which is produced largely in the mineral rich east, is sold through the state national oil company in the west” writes Jim Armitage for independent.co.uk. All of Libya’s oil has to be sold through the national oil company in Tripoli, with revenues going directly to the central bank.A British-backed agreement to end a blockade on oil exports from Libya could result in a major corruption purge in Tripoli’s central bank and national oil company, The Independent has learned. Source: independent.co.uk Share This:

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Japan, EU sign trade deal to eliminate nearly all tariffs 

“Apart from its deal with the EU, Japan is working on other trade agreements, including a far-reaching trans-Pacific deal” writes Koji Sasahara for cnbc.com. The European Union and Japan signed a landmark deal on Tuesday that will eliminate nearly all tariffs on products they trade.The EU said the trade liberalization will help raise European exports of chemicals, clothing, cosmetics and beer to Japan.Tusk praised the deal as “the largest bilateral trade deal ever.” He said the partnership is being strengthened in various other areas, including defense, climate change and human…

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Iran eyes increased pharmaceutical exports to Azerbaijan: minister

“In a meeting in Tehran in August 2017, the two presidents discussed increased pharmaceutical exports from Iran to Azerbaijan, the minister said, adding that they also exchanged views about treatment of refractory diseases and performing complicated surgeries by Iranian specialists in Azerbaijan” reports tehrantimes.com. He went on to say that holding such meetings [for improved cooperation] between the neighboring countries can produce desirable outcomes. Increased cooperation in medical tourism, setting up specialty clinics, holding talks for joint production of pharmaceutical products and vaccine production, holding workshops for broadening nursing skills,…

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Chinese imports fall short of expectations, while exports top estimates

“China’s trade data release on Friday came amid escalating trade tensions between the world’s two largest economies” writes Huileng Tan for cnbc.com. Overall, China ran a $41.61 billion trade surplus in June.China’s exports, meanwhile, slightly topped expectations by rising 11.3 percent in June, according to data from the country’s General Administration of Customs showed on Friday.China reported Friday that its June imports rose 14.1 percent in dollar-denominated terms, falling far short of a 20.8 percent increase expected by analysts.Economists had forecast China’s overall trade balance to widen to only $27.61…

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China’s June trade with North Korea falls by more than half

“Huang said Chinese exports to the North have declined for 11 straight months, while imports have declined for 10 months” writes The Associated Press for seattletimes.com. The trade curbs have remained in place despite diplomatic contacts including U.S. President Donald Trump’s June meeting with North Korean leader Kim Jong Un.BEIJING (AP) — China’s imports from North Korea plunged 92.6 percent in June compared with a year earlier under U.N. sanctions imposed to stop Pyongyang’s nuclear and missile programs, the customs agency said Friday. Source: seattletimes.com Share This:

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Markets News 

Cherries, apples, wheat: U.S.-China trade war could wilt growth in Washington farm exports

“China swiftly responded with retaliatory tariffs against a list of U.S. exports that includes top agricultural products in Washington state” writes Derek Hall for seattletimes.com. As Washington farmers absorb the first retaliatory strikes from President Trump’s trade moves, views among growers and industry experts on the President’s approach are mixed.The Pacific Northwest’s cherry farmers are in a particularly vulnerable position as months of warnings lobbed back and forth between the U.S. and China harden into a growing trade war. Source: seattletimes.com Share This:

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