U.S. crude oil fell 4% on Friday, after President Donald Trump threatened China with higher tariffs in retaliation for Beijing imposing stricter export controls rare earth minerals.
U.S. crude oil
dropped $2.53, or 4.11%, to $58.98 per barrel. Global benchmark Brent
was down $2.44, or 3.74%, to $62.78 pre barrel. China-U.S. trade relations were thought to be improving slowly, but this latest setback once again raised concerns higher tariffs may slow the global economy and hurt demand for oil.
“I will be forced, as President of the United States of America, to financially counter their move,” Trump said on his social media platform Truth Social.
