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 >
In fight to curb climate change, a grim report shows world is struggling to get on track
In fight to curb climate change, a grim report shows world is struggling to get on track
Nov 14, 2023
The State of Climate Action report released on Tuesday by the World Resources Institute, Climate Action Tracker, the Bezos Earth Fund and others looks at what's needed in several sectors of the global economy power, transportation, buildings, industry, finance and forestry to fit in a world that limits warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) over pre-industrial times, the goal the world adopted at Paris in 2015. The globe has already warmed about 1.2 degrees Celsius (2.2 degrees Fahrenheit) since the mid-19th century.
JPMorgan has a new way to gauge its green progress
JPMorgan has a new way to gauge its green progress
Nov 15, 2023
As the largest energy banker, JPMorgan is a frequent target of criticism over Wall Street’s role in the climate crisis. At the same time, the bank is a leading US arranger of green bonds, making it vulnerable to Republicans seeking to protect the fossil fuel industry.
Zoomed Out | Critical Minerals — why India's current strategy to become self-reliant is so vital
Zoomed Out | Critical Minerals — why India's current strategy to become self-reliant is so vital
Nov 29, 2023
Internationally, there are genuine security concerns related to the criticality in building more diverse and dependable value chains for critical minerals, about their environmental and social sustainability, and technological challenges. While, India has taken the right steps for creating an ecosystem for accelerated exploration and production of critical and new age minerals, observes FICCI Mining Committee Co-Chair Pankaj Satija.
India looking into 'freak' incidents like damage to Sikkim's Chungthang dam: RK Singh
India looking into 'freak' incidents like damage to Sikkim's Chungthang dam: RK Singh
Oct 18, 2023
Stressing on the need to have quick ramp up and ramp down energy sources for grid balancing, the minister described hydroelectric power's role as essential in the path to energy transition as wind energy is intermittent and the sun doesn't shine 24×7.
Copyright 2023-2025 - www.financetom.com All Rights Reserved