Oil Prices Fall Amid U.S.-China Trade Disputes
(MENAFN) Oil prices experienced a decline on Wednesday as investors reacted to the ongoing uncertainty regarding U.S. tariff policies and the escalating trade conflict between the U.S. and China.
Brent crude, the global benchmark, saw a decrease of approximately 1.47%, trading at $63.44 per barrel at 9:42 a.m. local time (0642 GMT), down from $64.38 at the close of the previous session.
Meanwhile, the US benchmark, West Texas Intermediate (WTI), fell by 1.58%, settling at $60.06 per barrel, compared to $61.03 in the last session.
The persistent tariff dispute between the U.S. and China remains a significant concern for the global market.
During a recent briefing, White House Press Secretary Karoline Leavitt remarked that President Donald Trump is still open to negotiating a trade deal with China, stating, "The ball is in China's court: China needs to make a deal with us, we don't have to make a deal with them,"
Leavitt also highlighted that the U.S. is engaged in discussions with other nations that have not retaliated with tariffs, with new trade agreements anticipated shortly.
In retaliation to U.S. tariff increases, China has implemented corresponding tariffs, raising duties on American products to 125%, while the US has raised tariffs on Chinese goods to 145%.
While the United States has deferred tariffs on various countries for a period of 90 days, it has implemented tariffs on China without delay. Financial markets are responding to every new twist in this ongoing trade conflict.
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