financetom
Economy
financetom
/
Economy
/
Oil Prices Drop as China Retaliates Against US Tariffs
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Oil Prices Drop as China Retaliates Against US Tariffs
Feb 4, 2025 1:04 PM

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.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Japanese yen hits all-time low as BoJ meeting commences
Japanese yen hits all-time low as BoJ meeting commences
Apr 25, 2024
By RoboForex Analytical Department The USD/JPY pair reached an all-time high on Thursday, touching the 155.50 level. This development comes as the Bank of Japan (BoJ) starts its two-day monetary policy meeting with widespread expectations that the interest rate will remain unchanged at zero. Investors are keenly watching for any aggressive signals from the BoJ, as further declines in the...
Confounding US economic, inflation data muddy Fed's rate path
Confounding US economic, inflation data muddy Fed's rate path
Apr 25, 2024
(Reuters) - The Federal Reserve's latest financial stability report was good news for anyone worried that a record run of interest rate hikes might overstress the banking system or trigger a recession with companies and households pushed into default through a broad credit crackdown. None of that is happening. Instead, the Fed is wrestling with an economy that has sloughed...
US Dollar Falls Early Thursday Ahead of Q1 Gross Domestic Product, Weekly Jobless Claims, Advance Trade Data
US Dollar Falls Early Thursday Ahead of Q1 Gross Domestic Product, Weekly Jobless Claims, Advance Trade Data
Apr 25, 2024
07:43 AM EDT, 04/25/2024 (MT Newswires) -- The US dollar fell against its major trading partners early Thursday, except for an increase versus the yen, ahead of the first look at Q1 gross domestic product, weekly jobless claims, and advance trade data for March, all at 8:30 am ET. Pending home sales data for March is scheduled to be released...
Slow, but solid US economic growth anticipated in Q1; inflation likely heats up
Slow, but solid US economic growth anticipated in Q1; inflation likely heats up
Apr 24, 2024
WASHINGTON (Reuters) - U.S. economic growth likely slowed to a still-solid pace in the first quarter while inflation accelerated, reinforcing financial market expectations that the Federal Reserve would delay cutting interest rates until September. The Commerce Department's snapshot of first-quarter gross domestic product on Thursday is expected to show consumers still doing the heavy lifting for the economy, thanks to...
Copyright 2023-2025 - www.financetom.com All Rights Reserved