The impact on China is likely to be limited, as U.S. crude has most recently accounted for less than 2% of Chinese imports, while U.S. LNG has represented no more than 12% of all LNG imports into China in recent months, according to Kpler data quoted by Russell.

China's government announced tariffs on U.S. imports including coal and liquefied natural gas in retaliation for Trump administration measures targeting its products. The big picture: In response to a 10% tariff on Chinese imports imposed by Trump took effect Tuesday,

China — the largest container importer and exporter through the Port of Houston — is planning retaliatory tariffs on energy-related products and more.