U.S. liquefied natural gas (LNG) exports are one of the top 10 products targeted by China’s retaliation against America’s section 301 tariffs. The positive news in the near-term is that the initial duty rate of 10% is lower than the originally planned 25%, though that is enough of a challenge for exporters including Cheniere and Dominion. Global LNG demand looks healthy given imports by China, Japan and South Korea climbed 21% in the past 12 months on a year earlier, though a 43% surge in prices suggests underlying volumes are in decline. China’s $22 billion of imports will be sorely ...