Oil markets are among the latest victims in the escalating U.S.-China trade war. President Trump's Aug. 1 sanctions on $300 billion worth of Chinse goods caused oil prices to crash 8% on fears of global economic recession and slowing energy demand, their single largest drop in over three years.
with Bank of America warning that $30 per barrel could be over the horizon following China’s tough stance on sanctions. These are recessionary prices, if they occur.to its lowest level relative to the dollar in the past 10 years, sending Trump fuming. A cheaper yuan means that Chinese goods will be even more competitive on the global stage against dollar-denominated U.S. goods. The U.S.
Treasury has since officially labeled China a “Asian markets recoiled at the currency manipulator designation: South Korea's Kospi index hit a three-year low at 1917.50, down 1.51% from Monday while the Japanese Nikkei closed Tuesday’s trading down 0.65%. China’s Shanghai Composite Index closed at 2,777.56, down 1.55% from Monday, while Hong Kong's Hang Seng Index fell 0.67% to 25,976.24.
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