ALBAWABA – Oil prices recorded a sharp decline globally, hitting a four-year low following the recent tariffs announced by US President Donald Trump and his administration.
Trump's tariffs lead to sharp drop in oil prices
Amid the recent tariffs announced by US President Donald Trump and his administration, oil prices took a sharp hit, falling to a four-year low. Notably, US tariffs on China have now reached about 104% after Trump raised them by 50%.
The sudden decline in oil prices is driven by escalating tensions and the economic conflict between China and the United States (US). Experts are now anticipating a global recession and weakened oil demand worldwide.
This morning, Brent crude oil dropped nearly 3.8% to $60.46 a barrel, while West Texas Intermediate (WTI) crude futures fell 4.1% to $56.69.
US tariffs on China have now reached about 104% after Trump raised them by 50%. (Shutterstock)
Notably, Trump's recent tariff decisions impacted China, with an additional 50% tariff, bringing the total to 104%. This will significantly affect China's economy and its demand for oil imports. In response, China announced a 34% tariff on American products and goods.
Trump’s recent tariffs are fueling a global economic conflict, contributing to recession, inflation, and reduced oil demand in China, the US, and worldwide.
