Burst! Trump said that he would impose tariffs on Chinese products from September, and international oil prices plummeted

U.S. President Trump said through social media on the afternoon of the 1st that the U.S. will impose a 10% tariff on $300 billion worth of goods imported from China starting from September 1 this year. However, Trump said that he will continue constructive dialogue with China on a comprehensive trade agreement, and the future of China and the United States will be very bright.
the

Source: Twitter
the
Xinhua Finance, New York, August 1 (Reporter Liu Yanan) Affected by US President Trump’s announcement that he would impose a 10% tariff on China’s US$300 billion of goods exported to the US from September 1 and the Fed’s lower-than-expected interest rate cut, international oil prices fell to 1 On the morning of the 2nd, the stock market maintained the downward trend of the previous trading day after hours, and the intraday market was weak and volatile. In the afternoon, it fell sharply due to Trump’s stance on imposing tariffs.
the
On the same day, the price of U.S. West Texas Light crude oil futures for September delivery fell by nearly 8%, the largest drop since February 2015, and the price of British Brent crude oil futures for October delivery fell by nearly 7%.
the
U.S. President Trump said through social media on the afternoon of the 1st that the United States will impose a 10% tariff on $300 billion of goods imported from China starting from September 1 this year. However, Trump said that he will continue constructive dialogue with China on a comprehensive trade agreement, and the future of China and the United States will be very bright.
the
In the case that the world’s crude oil supply is still sufficient, Trump’s statement further aggravated the market’s concerns about the growth prospects of global oil demand.
the
John Kilduff, partner at Again Capital Management, said the oil market was the asset hit the hardest by the trade war, which exacerbated the situation. Before Trump’s tweet, the oil market had a rough day of trading. The Fed’s monetary policy stance the day before did not bring support to the oil market, which was hit by Trump’s announcement of additional tariffs.
the
Tamas Varga, an analyst at PVM Oil United Company, said that after the Fed cut interest rates, the market’s relatively positive atmosphere for risk assets took an amazing U-turn, the dollar began to strengthen, and stocks and oil entered a plummeting mode.
the
Victor Shum, senior partner at IHS Markit, said the oil market is well supplied, while oil demand growth is showing signs of weakening globally due to trade conflicts, Brexit and other events that could weaken global economic growth and oil demand. He said there was a lot of oil and that U.S. crude production was growing strongly.

Phil Flynn, senior market analyst at PRICE Futures Group in the United States, said on the 1st that the US economic data is still solid, and the Fed can try to reframe the market’s view on interest rate cuts as an adjustment in the middle of the index economic cycle. He believes that the market drop on the 31st may be blamed on investors’ previous advocacy of interest rate cut expectations. When thinking, start to take profits and lock in profits.
the
As of the close of the day, the price of light crude oil futures for September delivery on the New York Mercantile Exchange fell by US$4.63 to close at US$53.95 a barrel, an increase of 7.9%. On the same day, the price of London Brent crude oil futures for October delivery fell by US$4.55 to close at US$60.5 a barrel, a decrease of 6.99%.
the
the
Source: Xinhua Finance