Market Reacts to China's New Tariffs on US Goods

In a dramatic response to the escalating trade tensions between the United States and China, crude oil prices took a significant hit, dropping by more than 6%. This sharp decline came after China announced an increase in tariffs on US goods, from 34% to 84%, directly countering recent tariffs imposed by the US on Chinese imports.

Impact on Oil Prices

West Texas Intermediate (WTI) for May's settlements saw a steep decline of 6.55%, trading at $55.72 per barrel by 7:03 am ET. Similarly, Brent for June's deliveries fell by 6.22%, selling for $58.99 per barrel at 7:04 am ET. This marks a continuation of the losses experienced in the oil market amid growing concerns over the trade dispute's impact on global economic growth.