Oil thwarted by trade war fears as Trump doubles down on tariffs

After Donald Trump announced new tariffs on Chinese goods this week, oil futures took a hit and fell as much as 1.1 percent in New York.

Photo: Carolyn Kaster

Oil headed for its worst week in a month after US President Donald Trump called for new tariffs on Chinese goods, souring investor optimism that tensions between the world's two largest economies will ease with negotiations.

Futures fell as much as 1.1 percent in New York and are set for a 2.8 percent drop this week. Trump ordered the US Trade Representative to consider levies on an additional USD 100 billion in imports from the Asian nation, spurring a flight from risk assets on concern a full-blown trade war will deter global economic growth. That was only a day after both American and Chinese officials signaled they're willing to talk on frictions.

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