Oil Resumes Decline as Trade War Overshadows Iran Tanker Seizure

Crude Oil weekly chart

Oil Resumes Decline as Trade War Overshadows Iran Tanker Seizure

At the beginning of Aug 2019, Donald Trump revealed that the United States will enforce an extra 10% tariff as of September 1st upon the remainder of the approximated Chinese imports worth 300,000 million AMERICA dollars. I blame our past leaders, our past presidents, our past trade representatives. "China situation will worsen", said Jun Inoue, a senior economist at Mizuho Research Institute Ltd.in Tokyo.

Trump also said that other countries, fearful of being punished with U.S. levies like China is, are clamoring to reach trade deals with the United States. "I believe there is and we would have a better discussion if we discussed what the real cause is".

Right away, Cavuto cut away from the president's impromptu press gaggle to point out that, once again, Trump was not telling the truth when it came to who pays for tariffs.

Trump also said that tariffs could be lifted further in stages to more than 25 %. The low on Friday was the lowest the currency has been since early 2009.

"Global oil consumption growth is running at the weakest levels in almost a decade". Trump said Friday he can raise tariffs on China to a "much higher number" after his initial threat the previous day spurred the steepest one-day drop in more than four years. Excluding services, shipments of goods produced by American farmers and manufacturers fell, as China reduced purchases from the U.S.in response to the tariffs while other countries' economies slowed. Imports slipped 1.7% in the month to $261.45 billion, while exports fell 2.1% to 206.3 billion.

"If we don't see a resumption of significant agricultural trade with China, particularly ethanol, well before the end of the third quarter, it would be hard to achieve adjusted earnings per share in 2019 similar to 2018", Chief Financial Officer Ray Young said in a call Thursday.

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