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 >
US consumer sentiment ebbs in July; inflation expectations improve
US consumer sentiment ebbs in July; inflation expectations improve
Jul 12, 2024
WASHINGTON (Reuters) - U.S. consumer sentiment ebbed in July, but inflation expectations over the next year and beyond improved, a survey showed on Friday. The University of Michigan's preliminary reading on the overall index of consumer sentiment came in at 66.0 this month, compared to a final reading of 68.2 in June. Economists polled by Reuters had forecast a preliminary...
US producer prices rise moderately in June
US producer prices rise moderately in June
Jul 12, 2024
WASHINGTON (Reuters) - U.S. producer prices increased moderately in June, further confirmation that inflation had resumed its downward trend and strengthening the case for a September interest rate cut. The producer price index for final demand rose 0.2% last month after being unchanged in May, the Labor Department's Bureau of Labor Statistics said on Friday. Economists polled by Reuters had...
US equity funds see outflows on caution ahead of earnings reports
US equity funds see outflows on caution ahead of earnings reports
Jul 12, 2024
(Reuters) - U.S. equity funds faced their first weekly outflow in three weeks in the seven days to July 10 as caution and profit-taking took hold ahead of the new earnings season. According to LSEG data, investors sold a net $3.57 billion worth of U.S. equity funds during the week, partly reversing a net $8.56 billion worth of purchases the...
Amazon must comply with US agency's pregnancy bias probe, judge rules
Amazon must comply with US agency's pregnancy bias probe, judge rules
Jul 12, 2024
(Reuters) - A New York federal judge has ordered Amazon.com ( AMZN ) to comply with a subpoena from a U.S. civil rights agency investigating claims that the online retailer discriminated against pregnant warehouse workers. U.S. District Judge Lorna Schofield in Manhattan late Thursday rejected Amazon's ( AMZN ) claims that the Equal Employment Opportunity Commission (EEOC) subpoena was too...
Copyright 2023-2025 - www.financetom.com All Rights Reserved