UPDATE – China Suspends US Crude Imports; Proposes Retaliatory Tariffs On LNG

[Editor’s note: This story was updated from a previous version posted at 10:55 a.m. CST Aug. 3.]

China’s targeting of U.S. LNG and crude oil exports opens a new front in the trade war between the two countries, at a time when the White House is trumpeting growing U.S. energy export prowess.

China included LNG for the first time in its list of proposed tariffs on Aug. 3, the same day that its biggest U.S. crude oil buyer, Sinopec, suspended U.S. crude oil imports due to the dispute, according to three sources familiar with the situation.

On Aug. 3, China announced retaliatory tariffs on $60 billion worth of U.S. goods, and warned of further measures, signaling it will not back down in a protracted trade war with Washington.