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Chinese purchases of American oil are down -90% Y/Y, while Chinese purchases of Canadian oil are up +700% Y/Y.

Chinese purchases of American oil are down -90% Y/Y, while Chinese purchases of Canadian oil are up +700% Y/Y. That’s a $20B annual loss for the United States at $60/barrel. pic.twitter.com/Q4N1jzHWCF — Spencer Hakimian (@SpencerHakimian) April 16, 2025 https://www.bloomberg.com/news/articles/2025-04-16/china-pivots-from-us-to-canada-for-more-oil-as-trade-war-worsens?embedded-checkout=true

Investors lost faith in China’s recovery. Beijing is simply trying to fend off deep financial problems in the banks that keep funding everything they are told to fund.

Investors lose faith in China’s recovery; $18 trillion in wealth destroyed. China iPhone shipments fell by 47% y/y. 🚨INVESTORS LOST FAITH IN CHINA'S ECONOMIC RECOVERY🚨 China's 10-year government bond yield fell below 1.6% for the FIRST TIME EVER. CSI 300 index FELL for the 3rd STRAIGHT day in the worst start to a year in …

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