WTI crude oil futures fell below $72 per barrel on Tuesday after China announced a package of tariffs on a range of U.S. products in response to President Donald Trump's tariffs, heightening concerns about a potential trade war between the world's two largest economies.
China said it will impose tariffs of 15% on coal and LNG imports from the U.S. and 10% on crude oil, farm equipment, and certain cars, effective February 10. This move came after the passing of a deadline that imposed a 10% U.S. tariff on all Chinese goods.
Trump had earlier delayed planned levies on Canada and Mexico by a month after both countries agreed to boost border enforcement to address Trump's concerns over immigration and drug smuggling. Elsewhere, OPEC and its allies upheld their existing oil production plans at a review meeting on Monday, despite Trump's calls to lower crude prices by expanding output.
Source: Trading Economics
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