Oil rises on hopes of easing U.S.-China trade tension

Oil rises on hopes of easing U.S.-China trade tension

President Donald Trump has hit back at China by announcing new higher tariffs on imports - escalating a mounting trade war between the two nations.

SEB analyst Bjarne Schieldrop said the oil market was anxious about "the secondary global growth effects of an upwards spiralling trade war between China and the U.S".

Treasury Secretary Steven Mnuchin shared similar comments to those made by Kudlow in an interview with Fox News Sunday, saying the president has "lots of options".

International Business: China warns US to end 'wrong' trade actions

The latest developments in the trade war have sent global financial markets tumbling.

China is willing to settle the trade war through negotiation and "firmly opposes" US moves to escalate matters, Vice Premier Liu He said on Monday morning, urging calm after ructions intensified over the weekend.

Ahead of this year's summit, Trump revived his attacks on Europe, accusing the countries there of "killing us on trade", during a campaign rally.


An Axios report Sunday said Trump proposed bombing hurricanes in meetings with Homeland Security and national security officials.

"Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing your companies home and making your products in the USA". Some legal experts said he likely has the authority to do so, given the administration's repeated efforts to highlight China's theft of intellectual property and other trade and security concerns. "We don't comment on private discussions that the president may or may not have had with his national security team", it said. People were astonished. After the meeting ended, we thought, 'What the f-?

According to the organization, MI residents have paid $1.3 billion in taxes on goods due to the trade wars. The spread blew out after China included United States oil for the first time in its tariff moves.


The latest escalation in the U.S. "I'm baffled", Brian Riedl, a budget expert at the conservative Manhattan Institute, said to the Washington Post.

Mnuchin said Trump and Chinese President Xi Jinping were now "enemies" on trade, despite an otherwise good relationship. The Office of the US Trade Representative also said existing tariffs on another $250 billion in Chinese imports would go from 25% to 30% on October 1 after receiving feedback from the public.

Sanders has clashed with the President repeatedly over trade policy, most recently opposing the administration's renegotiation of NAFTA, the US-Mexico-Canada agreement.


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