Commodities
Oil Retreats After Trump Announces Tariffs on China, Europe
This article is for subscribers only.
Oil retreated after US President Donald Trump ratcheted up his trade war with sweeping tariffs on major trading partners, including China and the European Union, raising concerns about declining crude demand.
West Texas Intermediate futures dropped to $71.37 a barrel at 4:36 p.m. New York time in late trading, down 0.5% from their settlement price. Global benchmark Brent slipped to $74.38. Trump said the US will impose a 34% tariff on US imports from China and 20% on imports from the European Union.