Major currencies marked time on Wednesday and the Chinese yuan recovered from 11-month lows after authorities took steps on Tuesday to calm financial markets rattled by trade war worries, report Agencies. market. Officials in China, the epicenter of the global trade row, have warned the United States that the tit-for-tat tariffs on each others' goods will ultimately prove detrimental for American businesses and jobs.
The US president tweeted on Saturday that the Saudi king had agreed to raise production to cut the cost of oil for consumers. The fall came as the Russian Energy Ministry said on Monday that the country's oil output increased to 11.06 million barrels per day in June from 10.97 million barrels per day in May.
The cartel, in partnership with Russian Federation, has restricted oil supply for over a year to support the price per barrel after a period of sharp decline from recent highs, which caused economic turmoil for member states. That may reduce the pressure on Saudi Arabia to keep oil prices high, said John Kilduff, partner at energy hedge fund Again Capital LLC in NY. "If Trump continues to believe that OPEC are not doing enough, we would not rule out an SPR (Strategic Petroleum Reserve) ...
During a press conference with Dutch Prime Minister Mark Rutte, President Trump told reporters at the White House on Monday the WTO has treated the U.S. While the USA can exit the WTO , it's uncertain whether Trump could do so without approval from Congress, where many lawmakers - including Republican proponents of free trade - would likely put up a fight.
President Donald Trump's decision to impose tariffs on U.S. imports of steel and aluminum on national security grounds. " China will not bow in the face of threats and blackmail, nor will it be shaken in its resolve to defend global free trade ", said ministry spokesman Gao Feng at a press conference.
He also hinted that he might enact additional tariffs on Mexico , which on Sunday elected left-leaning Andrés Manuel López Obrador, who is to take office in December. All six states went to Trump in the 2016 presidential election. "The administration is threatening to undermine the economic progress it worked so hard to achieve", said Chamber President Tom Donohue in a statement .