Oil Thwarted by Trade War Fears as Trump Doubles Down on Tariffs
Futures fell as much as 1.1 percent in New York and are set for a 2.6 percent drop this week. Trump ordered his administration to consider levies on an additional $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 about the escalating conflict.
“We now have to start looking at the U.S.-China trade war as a downward geopolitical risk,” said Olivier Jakob, managing director at consultants Petromatrix GmbH. “This is starting to not be funny anymore, and there is a risk to reach a point where global asset markets become tired of the White House wars and move back into cash.”
more at: https://www.bloomberg.com/news/articles/2018-04-06/oil-extends-weekly-loss-as-trump-urges-new-u-s-tariffs-on-china