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China’s Counterpunch to Trump’s Tariffs Spark Global Selloff
China today announced tariffs on $50 billion worth of U.S. imports, a response to Trump’s issuance of tariffs on $50 billion worth of Chinese goods. Of course, China’s tariffs would affect one-third of imports from the U.S., while Trump’s tariffs impact less than one-tenth of imports from China. The escalating trade tensions have caused concerns for markets, who fear that negotiations will not succeed. Click Here to read more from Bloomberg.
ATA Economist Forecasts Strong Trucking Outlook for Next 18 Months
According to American Trucking Association economist Bob Costello, the trucking industry is enjoying its best growth rate since the Great Recession ended, and strong growth should continue over the next 18 months. Threats to growth are mainly self-imposed, coming from tariffs and other trade barriers put up by President Trump. Click Here to read more from Trucks.com
U.S. Crude Production Grew 5% in 2017
U.S. crude output rose by 5% in 2017 relative to 2016, and in November 2017 reached the highest production level in U.S. history. Strong growth over the past few years sets the stage for production to surpass 10 million barrels per day (MMbpd) on an annual basis in 2018, reaching over 11 MMbpd by 2019. Click Here to read more from the EIA.
EPA Gives Large Refiner a ‘Hardship’ Waiver from Regulations
The EPA surprised markets by granting Andeavor, one of the nation’s largest refining companies, a hardship waiver from renewable volume requirements. Hardship waivers are generally only granted to very small refineries, producing less than 75 kbpd. The waiver applies only to Andeavor’s smallest refineries, but it’s still unusual to grant waivers to such large companies. The decision was a blow to the biofuels industry – not holding refiners responsible to meet biofuel volume obligations means less demand for biodiesel and ethanol, and as a result less renewable usage in fuel. Click Here to read more from Reuters.