The trade war between the United States and China has resumed. The two largest economies have started imposing retaliatory tariffs on each other. In such a situation, the price of fuel oil in the global market has fallen to its lowest in more than four years. Because there are concerns about demand.
On Wednesday (April 9), the price of Brent crude per barrel fell by $ 2.38, or 3.79 percent, to $ 60.44. Similarly, the price of West Texas Intermediate fell by $ 2.46, or 4.13 percent, to $ 57.12.
That is, the prices of both benchmarks have fallen to their lowest since February 2021.
Meanwhile, the Trump administration has increased tariffs on China by another 50 percent to 104 percent. This information was reported by the American media NBC News, citing a White House official.
Earlier on Monday, US President Donald Trump warned China that if it does not withdraw the newly imposed 34 percent tariff on American goods, more tariffs will be imposed on it.
After US President Donald Trump announced counter-tariffs on China last week, they also announced a new 34 percent tariff on all imported American goods as a retaliatory measure. Chinese leaders have vowed to “fight to the end” in the ongoing trade war.
In response to China’s response, Trump wrote in a post on the social media platform Truth Social on Monday that if China does not withdraw its newly imposed 34 percent tariff, the United States will also increase tariffs on China by 50 percent from April 9.
Source: Reuters
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