NEWS
Ongoing discussions between US and China delays higher tariffs
The United States will maintain its 30 % tariff on Chinese imports, while China will continue applying a 10 % tariff on goods from the US, following discussions between the two countries.
In April, President Trump raised the applicable ad valorem duty rate for imports from the People’ s Republic of China after China said that it would retaliate against the United States in response to earlier statements on tariffs.
At one point, the US threatened a tariff of 145 %, while Chinese tariffs on US goods was set to rise to 125 %.
The US entered into discussions with China and Trump suspended a higher tariff rate for a period of 90 days, which ended on August 12.
The United States continues to have discussions with China so the tariffs have again been delayed until November 10.
Tariffs, taxes imposed on imported goods, usually calculated as a percentage of the product’ s value, have been a central policy focus for Trump since his return to the White House in January.
He has consistently argued that such measures will push American consumers toward domestically made products, increase government revenue and stimulate investment.
ExxonMobil Guyana begins production at fourth offshore Guyana project
ExxonMobil Guyana has begun production at Yellowtail, its fourth oil development in the offshore Stabroek block. The ONE GUYANA floating production storage and offloading( FPSO) vessel joins the Destiny, Unity and Prosperity FPSOs, increasing total installed capacity in Guyana to over 900,000 barrels of oil per day.
“ Yellowtail’ s ahead-of-schedule start-up is a significant milestone for ExxonMobil and the people of Guyana,” said Dan Ammann, President of ExxonMobil Upstream Company.“ With Guyanese making up more than 67 % of the country’ s oil and gas workforce and over 2,000 local businesses engaged, this project reflects our deepening roots in the country and our shared commitment to long-term, inclusive growth.”
The ONE GUYANA is the largest FPSO on the Stabroek block to date, with an initial annual average production of 250,000 barrels of oil per day and a storage capacity of 2 million barrels. Oil produced from the FPSO will be marketed as Golden Arrowhead crude.
By 2030, ExxonMobil Guyana expects total production capacity of 1.7 million oil-equivalent barrels per day from eight developments. In the past five years, the company has brought four complex offshore mega-projects online under budget and ahead of schedule, while progressing plans for four more before the decade’ s end. x
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