Oil spills into US-China trade war, prices slump
(WorldNews Business)

NEW YORK China said on Friday it would impose tariffs on US crude oil imports for the first time, sending prices down nearly 4 per cent to two-week lows as the escalating bilateral trade war fed worries over a slowdown in global oil demand. Beijing said crude would be among the US products hit by tariffs of 5 per cent as of Sept. 1. US President Donald Trump responded later in the day saying starting on Oct. 1, the 25-percent tariffs on $250 billion worth of Chinese goods will rise to 30 per cent. Tariffs on remaining $300 billion due to begin on Sept. 1 will now be set at 15 per cent, versus 10 per cent. The trade war between the world´s two...