That ramped up investor worries that countries are more likely to retaliate than negotiate, leading to a protracted global trade war.
- Oil sank to multi-year low levels on Friday after China announced retaliatory tariffs against the US in response to President Trump’s recent sweeping levies.
- West Texas Intermediate (CL=F), the US benchmark sank as much as 8% to hover near $61 per barrel, while Brent (BZ=F) declined more than 7% to below $65 per barrel. The last time Brent and WTI traded around these levels was in 2021.
- Oil extended losses from the prior session when it settled more than 6% lower amid fears of deteriodemand after Trump’s retaliatory tariffs against US partners were announced on Wednesday. Subsequently, OPEC+ decision to increase production output next month more than expected also sent futures lower.
- Wall Street appears headed for another ugly day as China offered a first retaliatory volley in response to President Trump’s tariffs.
- Dow futures are down over 1,400 points, and Nasdaq and S&P 500 futures are both off over 3.5%.
- The yield on the 10-year Treasury (^TNX) fell below 4% on Friday morning as investors flocked to bonds amid trade-war and recession fears.
- The benchmark yield fell as much as 15 basis points to 3.88%, the lowest level since President Trump took office. The move came after China announced retaliatory tariffs on US imports in reaction to Trump’s sweeping reciprocal tariffs earlier this week.
- Fears of a global slowdown or recession gripped investors after Trump set steeper-than-expected tariffs on US trading partners, sending the stock market into a tailspin.
- Trump’s announcement on Wednesday brought levies against Chinese made imports to 54%. Analysts believe those levies will impact a variety of goods, including clothing, toys, and electronics.
- GameStop (GME) initially jumped over 3% in premarket Friday after CEO Ryan Cohen bought 500,000 more shares, but has since slipped almost % as trading unfolds.
- Reuters reports:
- Read more here.
- Oil prices declined in early Friday trading in Asia, on track for their worst week in months, as President Trump’s new tariffs fueled fears of a global trade conflict that could dampen oil demand.
- Reuters reports:
- Read more here.
