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Trump wants Iran sanctions to continue as trade war with China escalates, US Oil suffers

Some American businesses rely on trading oil to China, and that could soon come to end.
The White House’s sanctioning of Iran’s crude oil may create more trouble than success for those who rely on exporting American oil to China. The ongoing bilateral trade dispute could reach average Americans sooner than the White House thinks. American oil could suffer This trade dispute (or tariff war) between the two countries has morphed into a real problem for Americans in the oil business. The latest episode has China considering high tariffs on US oil imports or stopping the import all together, according to CNN. The U.S. exports an estimated two million barrels of crude oil a day with about 300,000 barrels of that going to China. It’s an extremely small amount, but if China stops bringing in American crude it could cause U.S. producers to lessen the amount they export without altering production. To the layman, it might not seem like a big issue, but there are two important things to remember; 1) China has the money and a healthy appetite for importing oil. It's the...