NEW YORK - China on Friday threatened to impose tariffs on U.S. crude oil imports for the first time, sending prices down nearly 4% to two-week lows as the escalating bilateral trade war fed worries over a slowdown in global oil demand.
The trade war between the world’s two largest economies has dragged on for over a year and roiled financial markets. Though Chinese and U.S. trade negotiators held discussions as recently as this week, neither side appears ready to make a significant compromise and there have been no signs of a near-term truce.
“The tit for tat trade war now has the oil market officially caught in the crossfire, this time with China striking the heart of Trump’s traditional base of support of U.S. oil producers,” said Michael Tran, director of energy strategy at RBC Capital Markets in New York. U.S. West Texas Intermediate crude futures CLc1 slumped as much as 3.7% to $53.32 a barrel on Friday, the lowest since Aug. 9. The rising trade war is likely to weigh on U.S. crude more than international benchmark Brent, market sources said.
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The Presidunce shudda stayed in TPP so we wudda had the strength of our allies against Xi. Now we’re going it alone & Xi has opened a can of whoop ass on Trump. DJT is pissing away the growing economy left by Obama. Who thought a failed biz man would be a good prez?
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