• English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On April 5, the USs "reciprocal tariff" policy was opposed by many countries, and the calculation method of its tax rate also aroused doubts from all parties. They accused the calculation method of being "simplistic and crude", "out of thin air" and "not in line with standard economic practices". Julia Spiess, director of trade and market intelligence at the International Trade Center, said that this is not the standard way economists usually calculate tax rates. The tax rate is calculated based on a formula that relies on the trade deficit or the ratio of the trade deficit to imports. Personally, I have never seen this happen. An analyst at Wedbush Securities, a well-known US investment bank, said in an interview on the 4th that the so-called "calculation formula" announced by the Trump administration has no credibility and is not enough to serve as the basis for rational negotiations on international trade.On April 5, according to a report by the Ukrainian National News Agency on the 4th local time, Ukrainian President Zelensky said at a press conference that Ukraine has selected a law firm that will negotiate on behalf of Ukraine with the United States on the mineral agreement. Zelensky said that he will hold a meeting with the Ukrainian team at the beginning of next week to listen to the key points of the draft agreement, which will meet the needs of Ukraine and reflect the "fairness" of the agreement. After that, the Ukrainian technical team will prepare to go to the United States to start a dialogue with American personnel. Zelensky said that Ukraine is currently negotiating through a technical team and he will not go to the United States for the time being.April 5th news: Surat, India is the worlds largest diamond processing and polishing center, and the United States is its largest export market. Trump announced a so-called "reciprocal tariff" of 26% on Indian exports to the United States, which made Surats diamond industry practitioners worried. At present, Surats diamond business has come to a standstill, and people are waiting to see the possible impact of the tariff policy. Practitioners said that some processors may be forced to reduce production or even close down. Industry insiders pointed out that the US governments imposition of tariffs will lead to higher diamond export prices and weaken demand. Data provided by the Surat Diamond Association show that there are currently about 700,000 people engaged in related work, and the US "reciprocal tariff" policy is threatening the livelihoods of these people.Italian Finance Minister: Our goal is to ease tensions with us after Trump imposed tariffs.Italian Finance Minister: Italys huge debt cannot be ignored.

Oil Prices Rise 1% on Hopes For China Demand And Supply Worries

Skylar Williams

Feb 21, 2023 11:28

119.png


Oil prices gained over 1% on Monday, supported by confidence over Chinese demand, sustained output limits by major producers and Russia's promises to rein in supply.


Brent crude closed up $1.07, or 1.3%, at $84.07 a barrel. U.S. West Texas Intermediate crude (WTI) for March, which expires on Tuesday, last increased 85 cents, or 1.1%, at $77.19.


Monday volumes were subdued due to the Presidents' Day market vacation in the United States.


When the United States reported larger crude and gasoline stocks, both crude benchmarks finished $2 lower on Friday, a fall of around 4% for the week.


Experts anticipate that China's oil imports will reach a record high in 2023 due to rising demand for transportation fuel and the introduction of new refineries.


China is the world's largest importer and is projected to recover rapidly from the COVID transition, so it makes sense that the country's optimism has contributed to crude's recent advances, according to Craig Erlam, senior markets analyst at OANDA in London.


China and India have become big customers of Russian crude amid Western sanctions on Russian oil and more recently, embargoes and price controls due to the Ukraine crisis.


In India, the third-largest oil importer in the world, crude imports reached a six-month high in January, according to government data.


According to five sources familiar with the situation, the Chinese commerce ministry has met with independent oil refiners to discuss their dealings with Russia, imports that have saved Chinese buyers billions of dollars.


"The government wants to know how much independent refiners may potentially purchase and their genuine demand for such imports," said a source familiar with the discussions.


Russia plans to cut oil production by 500,000 barrels per day (bpd), corresponding to around 5% of its output, in March after the West imposed price limitations on Russian oil and oil products.


The Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed in October to reduce oil output objectives by 2 million barrels per day (bpd) until the end of 2023. Russia is a member of the OPEC+ producing group.


Goldman Sachs (NYSE:GS) analysts said in a 19-Feb-2019 note that future oil supply shortfalls will likely push prices toward $100 per barrel by the end of the year.


Prices will increase "when the market returns to deficit as a result of underinvestment, shale restrictions, and OPEC discipline," they concluded.