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Oil prices retreat due to US tariffs on China imports

US President Donald Trump [Wikipedia]
US President Donald Trump [Wikipedia]

Prices of crude oil retreated yesterday after the US placed new tariffs on Chinese imports, media reports said.

As part of a new phase of trade tensions between the US and China, American President Donald Trump announced new tariffs on $200 billion worth of Chinese products imported for American consumers.

Yesterday Brent crude dropped by 37 cents to $77.68 a barrel and the US West Texas Intermediate (WTI) fell 19 cents to 68.47.

Trump warned on Monday that any retaliatory response from China would be followed by further tax rises on Chinese products.

In a tweet Trump said: "China has been taking advantage of the United States on Trade for many years. They also know that I am the one that knows how to stop it."

READ: Iran's oil exports fall to one third since reimposition of US sanctions 

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