Oil Falls As Trump Threatens New Tariffs On China

The move marked a major escalation in trade tensions between the world's two largest economies

In a note to clients, an analyst for Raymond James said that although Trump has in the past used the threat of more tariffs as negotiating leverage, that doesn't appear to be the case this time.

"We are now trying to get more information on the relevant situation", ministry spokesman Geng Shuang told a briefing in Beijing. It rose 10 cents on Friday to $70.85 per barrel.

Both the United States and global firms have said they are being harmed by the trade war. Trump complained on Sunday.

A grim opening for USA stocks on Monday would follow a week of records. The yuan slumped alongside crude oil.

The S&P 500 index dropped 1.1% and the Nasdaq slid 1.3%. Chinese officials did not respond immediately to requests for comment.

Trump's trade negotiators weren't particularly surprised by his tweets, the people said. Vice President Mike Pence said on Friday that "President Trump remains very hopeful" about reaching a trade deal with China, and Treasury Secretary Steven Mnuchin recently called discussions "productive". But Trump and his Chinese counterpart Xi Jinping agreed a truce in December, helping fan a surge across world stock markets for the past four months.

The US president tweeted that tariffs of 10% on certain goods would rise to 25% on Friday, and $325bn of untaxed goods could face 25% duties "shortly".

"They're half of our global trade deficit, and forced technology transfers and intellectual property theft are a reality", he stated.

Trump's announcement Sunday on Twitter caused financial markets to plunge.

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The 45- to 90-day extensions were shorter than the 180 days granted previously but can be renewed. This story has not been edited by Firstpost staff and is generated by auto-feed.

White House economic adviser Larry Kudlow said on Fox News that the president was "issuing a warning". Both sides, representing the world's two biggest economies, have said progress is being made.

Sept 17: The US announces it will impose new tariffs of 10 per cent on another US$200 billion of Chinese goods on Sept 24, which will increase to 25 per cent on Jan 1.

The sell-off may reflect fears Trump could also increase the pressure on the European Union in trade talks. Beijing has imposed penalties on $110 billion of American goods.

"His move injects major uncertainty into negotiations, which now face a rising risk of an extended impasse - perhaps even through the U.S. presidential election", Michael Hirson, head of China and Northeast Asia at the Eurasia Group, wrote in a note on Sunday.

In Beijing, news of Trump's plan to hike tariffs was met with disbelief and anger.

It has since imposed 10 per cent tariffs on $US200 billion in Chinese imports and 25 per cent tariffs on another $US50 billion.

The South China Sea has been the site of ongoing tension, primarily between the US and China, which claims almost all of the strategic waters despite competing claims from other Southeast Asian nations. "Either way, Trump's tweet has added uncertainty to the final stage of the negotiation".

"We find that the USA tariffs were nearly completely passed through into USA domestic prices, so that the entire incidence of the tariffs fell on domestic consumers and importers", write economists from the Federal Reserve Bank of New York, Princeton University, and Columbia University in a March paper published by the Centre for Economic Policy Research. Previous releases on such reserve required ratio cuts have taken place mostly in the evening or at weekends.

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