China’s gains from US tariffs: cheap Russian oil and Brazilian soybeans

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• 00:00

  Hello and welcome to World Business Report from the BBC World Service.

• 00:04

  I'm Roger Hearing and on this edition,

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  how China is benefiting from the US handling of its trade relations,

• 00:10

  cheaper Russian oil and Brazilian soybeans.

• 00:14

  Also a report on the plight of the US coffee industry and how horse racing in the UK is going on strike over the way it could be taxed.

• 00:24

  But first,

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  the news has been dominated over the last few months by the tariffs the US government's imposed on all its trading partners.

• 00:32

  Well, in the latest move,

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  it's added hundreds more categories to its list of products containing steel and aluminium,

• 00:38

  subject to 50% tariffs.

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  The idea of tariff policy is to bring in revenue to the US Treasury and to encourage production on US soil.

• 00:48

  But there are unintended consequences too.

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  Oil refiners in China have stepped up their purchases of Russia's flagship crude,

• 00:57

  seizing an opportunity to take discounted cargoes relinquished by India as Washington ramps up trade tariffs against New Delhi.

• 01:05

  Naveen Das is a senior crude oil analyst at the trade analytics firm Kepler.

• 01:10

  Russia exports around 830,000 barrels a day.

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  to China via pipeline, and that's sort of a very stable flow.

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  What has happened in recent time is that Indian buyers have sort of stepped back,

• 01:23

  at least on spot purchases of Russian crude,

• 01:25

  and we have seen an uptick in flows of seaborne Russian crude go to China.

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