Indications are growing that Chinese companies are scrapping plans to purchase oil from the United States and are instead turning to Iran for imports in what appears to be a result of escalating trade tariff war between Beijing and Washington.
China accused the United States of bullying and warned it would hit back after the Trump administration raised the stakes in their trade dispute, threatening 10 percent tariffs on $200 billion of Chinese goods.
US President Donald Trump threatened to impose a 10 percent tariff on $200 billion of Chinese goods and China warned it would retaliate, in a rapid escalation of the trade conflict between the world's two biggest economies.
The Trump administration has been given the green light to take tough action against imports of aluminum and steel as part of a national security crackdown likely to provoke an angry response from China, the EU and other trading partners around the world.
Iran's steelmakers are calling on the government to raise import tariffs on certain steel products amid a 'crisis' in the industry due to a number of factors, including dumping by China and other exporters.
Minister of Industries, Mines and Trade Mohammadreza Nematzadeh said import tariffs have witnessed its highest decline in the current Iranian year, which started on March 21, by falling from 19.7 percent to 18.7 percent.