US-China tariff war to persist: Condoleezza Rice
Former US secretary of state says a bipartisan consensus against its increasingly assertive rival will be lasting impediment to global trade and keep downward pressure on oil prices
Tariff tensions between the US and China—seen as a major factor in the benchmark WTI oil price being range-bound in the $50-65/bl band so far this year—may be prolonged longer than markets anticipate, according to former secretary of state Condoleezza Rice. The breakdown of the post-war consensus for international free trade—reinforced by the collapse of communism and entry of China into global capitalism—is breaking down and drawing the US into protracted action that will continue to diminish global trade, the George W Bush-era secretary told delegates at the Adipec conference in Abu Dhabi. There is a “kind of disappointment” with the integration of China into the international economy. “Th
Also in this section
24 January 2025
Domestic companies in Nigeria and other African jurisdictions are buying assets from existing majors they view as more likely to deliver production upside under their stewardship
23 January 2025
The end of transit, though widely anticipated, leaves Europe paying a third more for gas than a year ago and greatly exposed to supply shocks
23 January 2025
The country’s government and E&P companies are leaving no stone unturned in their quest to increase domestic crude output as BP–ONGC tie-up leads the way
22 January 2025
The return of Donald Trump gives further evidence of ‘big oil’ as an investable asset, with the only question being whether anyone is really surprised
