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Crude delivery for May has fallen by $ 2.07 or 3.3 percent to $ 60.28 per barrel, which partially offset the $ 2.77 or 4.7 percent spike seen during Wednesday’s trade.
While President Donald Trump announced a 90-day stagnation on the new “mutual tariff” on most countries, contributed to yesterday’s bounce, China’s boycott has led to the ongoing concerns about the approach to demand.
Trump also announced that he was increasing the tariff on China by 125 percent due to “lack of respect”, shown in the world markets.
The US and China have been engaged in a tight-for-tat exchange on trade in recent times, in which China increased its tariff on American goods by 34 percent to 34 percent, as Trump had earlier raised the total rate on sugar imports by 104 percent.
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