Higher US tariffs kick in on $200bn worth of Chinese goods with Trump looking to add tariffs to $325bn more
London — Oil prices rose on Friday, even as the start of US President Donald Trump’s tariff hike on $200bn of Chinese goods kept tensions high in the trade dispute between the world’s two biggest economies.
The US escalated its tariff war with China on Friday by increasing levies to 25% for $200bn worth of Chinese goods, but negotiations were set to continue on Friday. Prices were supported by tighter supply amid continuing production cuts by oil cartel Opec and US sanctions on Iran and Venezuela. While trade-war concerns have weighed on prices this week, “the spreads clearly point towards a tight market”, ING bank said.
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