Thursday, July 10, 2025

Oil Drops Sharply on Renewed U.S.-China Trade War Concerns

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Global oil prices plummeted on Thursday.

After skyrocketing more than 4% the previous day, crude oil prices took a nosedive following a White House clarification that U.S. President Donald Trump’s proposed tariffs on Chinese goods would actually be 145%, not the initially reported 125%.

The White House explained that due to China’s inadequate control of fentanyl, Trump intended to add to the previously imposed 20% tariff, bringing the total to 145% rather than 125%.

Earlier, Trump had posted on his social media platform, Truth Social, claiming that China had retaliated against the U.S., leading him to announce a 125% tariff.

The prospect of a full-scale trade war between the world’s two largest economies caused a steep decline in oil prices.

Brent crude, the global benchmark, settled at $63.33 per barrel, tumbling $2.15 (3.28%) from the previous session.

West Texas Intermediate (WTI), the U.S. benchmark, plunged to $60.07 per barrel, dropping $2.28 (3.66%) and barely clinging to the $60 mark.

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