Trump Tariff Updates: Crude Oil Prices Witness Significant Drop, China Retaliates With Extra Tariff

Crude Oil Price: Crude oil prices have fallen drastically over the last two days. Following Trump’s tariff announcement and China’s retaliatory tariff, crude oil prices fell by roughly 13%. The price of crude oil has fallen by more than 10% in the last week, the largest weekly loss in two years. Following this downturn, prices have dropped to a three-year low. The price of crude oil from Gulf countries has dropped to $ 65 per barrel, while the price of American oil has fallen to $ 62.

Trade War Between China-America

China has started a trade war by boosting tariffs on American imports, heightening market concerns of a recession. China, the world’s largest oil importer, has declared that it will levy a 34% extra tariff on all American imports beginning April 10. After Trump hiked tariffs to their highest level in almost a century, countries around the world prepared to retaliate. Commodities such as natural gas, soybeans, and gold have all fallen, as have global stock markets.