Crude Oil Prices Slump as Trump Triggers Fresh Trade War with China
By Adedapo Adesanya
Prices of crude oil at the global market fell on Wednesday amidst new threat by the United States President, Mr Donald Trump, that he could impose another tariffs of over $300 billion on Chinese imports.
“We have a long way to go as far as tariffs where China is concerned, if we want. We have another $325 billion we can put a tariff on, if we want,” Mr Trump had said on Tuesday. “So, we’re talking to China about a deal, but I wish they didn’t break the deal that we had.”
But on Wednesday, China responded, warning Washington that further levies would complicate talks, calling for a peaceful dialogue on the issues.
“If the U.S. imposes new tariffs, this would create a new obstacle for U.S. and China trade negotiations, would make the road to coming to an agreement longer,” Foreign Ministry spokesman Geng Shuang told reporters in Beijing. “China still hopes to resolve U.S.-China trade frictions through consultation and dialogue.”
Data obtained from Oilprice.com showed that the Brent Crude Oil plunged by 1.38 percent or 89 Cents on Wednesday to $63 per barrel.
The West Texas International (WTI) crude declined by 0.05 percent to $56.75 per barrel, while the Nigeria’s Bonny light was down by 3.61 percent to $64.88.