Ship Rates for LPG Plunge as China Slaps 84% Tariff on US Supply

The cost of transporting liquefied petroleum gas from the US Gulf to Asia — a boom trade for American producers of the fuel — collapsed after China pressed ahead with 84% tariffs on the cargoes.

LPG, as it’s known, was among an array of US goods upon which Chinese authorities ratcheted up tariffs on Wednesday. Based on a prior announcement, cargoes already on the water look set to be exempt, but those leaving after midday Thursday China time will be affected.