Oil prices pared earlier gains on Friday following U.S. President Donald Trump&#...
TOKYO - Oil prices pared earlier gains on Friday following U.S. President Donald Trump’s tariff increase on $200 billion worth of Chinese goods took effect, escalating the trade dispute between the world’s two biggest economies and oil consumers.
With no move from the Trump administration to reverse the hikes, U.S. Customs and Border Protection imposed the new 25% duty on affected U.S.-bound cargoes leaving China after 12:01 a.m. EDT on Friday. U.S. stock futures fell and Asian shares pared gains as China said it would retaliate over the tariff increases.
A break down in trade between the world’s two largest oil consumers would likely impact oil demand. The two countries combined to make up 34 percent of global oil consumption during the first quarter of 2019, according to data from the International Energy Agency.
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