Source: Global Times
[Global Times Report by Correspondent Li Meng] According to a Bloomberg report on the 17th, due to the continuous escalation of trade tensions between China and the United States, Chinese refineries have sharply cut their purchases of American oil by 90%, turning instead to unprecedentedly large-scale imports of crude oil from Canada. The report stated that the expansion project of the Trans Mountain Pipeline (TMX) in western Canada became commercially operational last year, expanding channels for other East Asian oil-importing countries, including China, to access the abundant oil reserves in Alberta's oil sands region.
The report cited data from cargo tracking and analysis company Vortexa Ltd., stating that in March, crude oil imports shipped from Vancouver Port near the endpoint of the Trans Mountain Pipeline to China surged to an unprecedented 7.3 million barrels, a number expected to rise further in April. Meanwhile, China's imports of oil from the U.S. have fallen from a peak of 29 million barrels in June last year to 3 million barrels per month.
Bloomberg said that since the commencement of operations of Canada's Trans Mountain Pipeline expansion project last May, China's demand for Canadian crude oil has begun to grow. With the Trump administration announcing tariffs on global goods, this demand has further increased.
Wenran Jiang, President of the Canada-China Energy and Environment Forum, told Bloomberg in an interview, "Due to the trade war, China is unlikely to continue importing more American oil. They will not rely solely on Russia or the Middle East. Any oil from Canada will be welcome."
The report mentioned that although China's oil imports from North America are far lower than those from the Middle East and Russia, Canadian oil sands are one of the few relatively low-priced, high-density, and high-sulfur crude oil sources, and many of China's most advanced refineries are capable of processing these oils. For Asian refiners, Canadian oil sands are more competitive compared to similar characteristics of Middle Eastern crude oil, such as Iraq's Basra Heavy Crude.
According to reports by the Australian Broadcasting Corporation (ABC), industry insiders said that the trade war has created opportunities for Australian beef exports. In 2024, U.S. beef exports to China reached $1.6 billion, but due to Sino-U.S. trade tensions and tariffs, related trade has come to a standstill. At the same time, Australia's grain-fed beef has seen a surge in demand in China, with exports to China growing nearly 40% year-on-year in February and March. The report mentioned that American beef lost its market in China due to tariffs, while Australia may benefit from changes in the global trade landscape. Hong Kong's South China Morning Post also reported that senior agricultural officials from Brazil and China will meet in Brasilia this week to discuss expanding Brazil's exports to China.
According to previous reports by the Financial Times of the UK, based on data from local Brazilian trade associations, Brazil's sales of beef to China in the first quarter of 2025 increased by 1/3 compared to the same period last year, and China's imports of poultry increased by 19% in March. Rodrigo Alvim, International Director of the Minas Port Group in Brazil, said, "China is taking swift action to ensure not only the supply of soybeans but also other commodities, which will lead to reduced demand for American grains."
Compared to a year ago, the volume of U.S. agricultural exports to China fell by 54% in January. Previously, 90% of U.S. sorghum exports and about half of soybean exports were purchased by China. Randy Ragan, President of the American Soybean Association, pleaded in an open letter to Trump to reach an agreement with China. "Reaching an agreement is urgent. The current agricultural economy is much weaker than during his first term. After the first trade war, we lost nearly 10% of our Chinese market share, and we have not regained it," he wrote.
A U.S. agriculture insider said that this year's export volumes of soybeans, wheat, corn, or sorghum are also very limited. Due to tariffs weakening profit margins, many Chinese grain merchants have stopped importing from the U.S. He said, "If this continues, grain shipments may drop to zero by May. The only way for things to return to normal this year is if tariffs go back to zero."
According to a Reuters report on the 17th, China will propose an informal meeting of the UN Security Council on April 23 to condemn the U.S. for using tariffs as a tool of bullying. The United Nations Conference on Trade and Development (UNCTAD) released a report on the 16th predicting that due to the intensification of trade tensions and rising uncertainty, the global economic growth rate will slow to 2.3% in 2025.
"All countries, especially developing countries, are victims of unilateralism and bullying behavior," reads the concept note for the UN informal meeting on "the impact of unilateralism and bullying behavior on international relations." "The U.S. uses weaponized tariffs as a tool of extreme pressure, seriously violating international trade rules, causing severe shocks and turbulence to the world economy and multilateral trading system, casting a shadow over global peace and development efforts."
Foreign Ministry Spokesperson Lin Jian said at a regular press conference on the 17th regarding inquiries that recently, the U.S. has disregarded the balanced results achieved through multilateral trade negotiations, imposing tariffs under the guise of so-called 'parity' and 'fairness,' severely impacting the global economic order and the multilateral trading system, and seriously harming the interests and well-being of all countries. This unilateralism and hegemonic behavior also bring unprecedented difficulties and challenges to the United Nations and the cause of multilateralism.
Lin Jian said that we support the international community utilizing various platforms, including the Security Council, for discussions to deepen understanding of the harm caused by unilateralism and bullying behavior, reiterating commitments to multilateralism and the purposes and principles of the UN Charter, and rallying consensus to strengthen the role of the United Nations and safeguard the legitimate development rights of all countries.
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