A booth of U.S. major ExxonMobil is seen at the China (Dongying) International Petrochemical Trade Exhibition in Dongying, Shandong province, China May 29, 2018. REUTERS/Chen Aizhu
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China's threat to impose duties on U.S. oil imports will hit a business that has soared in the last two years, and which is now worth almost $1 billion per month. In an escalating spat over the United States' trade deficit with most of its major trading partners, including China, U.S. President Donald Trump said last week he was pushing ahead with hefty tariffs on $50 billion of Chinese imports, starting on July 6 .China said Friday it would retaliate by slapping duties on several American commodities, including on oil.The dispute between the United States and China comes at a pivotal time for oil markets.The potential drop-off in American oil exports to China would benefit other producers, especially from OPEC and Russia.
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