03:36 PM EST, 02/04/2025 (MT Newswires) -- Oil prices fell intraday Tuesday after China announced various retaliatory measures against the US, including 10% higher duties on American crude oil.

Beijing will also impose an additional 10% tariffs on agricultural machinery and certain vehicles imported from the US, as well as 15% tariffs on coal and liquefied natural gas, China's ministry of finance said Tuesday. The tariffs will go into effect Feb. 10.

On Saturday, The White House said US President Donald Trump would impose 25% tariffs on goods from both Canada and Mexico, along with a 10% levy on imports from China. On Monday, he agreed to a 30-day pause on the implementation of the planned tariffs on Canada and Mexico.

WTI crude futures were down 0.9% at $72.48 a barrel in Tuesday late-afternoon trade, while Brent fell 0.2% to $75.15.

"The trade dispute between the US and China has raised demand concerns -- not least in China, an economy that has grown increasingly dependent on exports at a time of weak consumer confidence at home," Saxo Bank Head of Commodity Strategy Ole Hansen said in a report published Tuesday.

The Organization of the Petroleum Exporting Countries and its allies are on track to gradually restore output in monthly stages from April unless tariffs and sanctions "significantly" change the global demand outlook, Hansen said.

Trump was scheduled to speak with Chinese President Xi Jinping on Tuesday, the US president's top trade adviser, Peter Navarro, told a Politico Live event, Reuters reported.