News Oil 

U.S. hints China could face sanctions over Iranian oil imports

“Some oil analysts expect China to increase Iranian imports instead, potentially undermining U.S. efforts to isolate Iran” writes Jessica Donati for marketwatch.com. In a response to a question about China’s plan to continue importing Iranian oil at a State Department briefing on Thursday, Hook refused to rule out imposing secondary sanctions on Beijing as punishment.Both countries already have started to scale back imports and are hoping to obtain waivers to buy more time to replace Iranian crude.WASHINGTON — The new U.S. special representative for Iran said Thursday the Trump administration…

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Walmart chief works to curb Trump tariffs’ impact amid rising costs

“Walmart, the world’s largest retailer, is working to curb the impact of tariffs that have become the weapons of choice in President Trump’s trade disputes and are pushing up Corporate America’s supply costs” reports washingtonexaminer.com. Some of the harshest duties have yet to take effect, though: Potential levies on $416 billion of Chinese imports and 25 percent duties on cars and vehicle components. Source: washingtonexaminer.com Share This:

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Turkey doubles tariffs on some US imports, including alcohol cars and tobacco

“Last Friday, U.S. President Donald Trump said he had authorized higher tariffs on aluminum and steel imports from Turkey” writes Aol Staff for aol.com. ISTANBUL, Aug 15 (Reuters) – Turkey doubled tariffs on some U.S. imports including alcohol, cars and tobacco on Wednesday in retaliation for U.S. moves, but the lira rallied further after the central bank’s liquidity moves had the effect of supporting the currency.The United States was the fourth largest source of imports to Turkey last year, accounting for $12 billion of imports, according to IMF statistics. Source: aol.com…

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Markets News 

Turkey escalates trade dispute with US by raising tariffs as Asian markets sag

“Turkey is increasing tariffs on imports of a range of US products, escalating a diplomatic and trade dispute that has roiled global markets and helped trigger a currency crisis” writes Jack Torrance for telegraph.co.uk. Extra tariffs were being imposed on imports of products, including rice, vehicles, alcohol, coal and cosmetics, according to an announcement on the Official Gazette. Source: telegraph.co.uk Share This:

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A new study shows Trump’s trade war probably won’t achieve one of its biggest goals

“Trump has repeatedly cited the US’s trade deficit as a reason for starting the trade war and has pushed for the reduction of the trade deficit in various negotiations” writes Bob Bryan for businessinsider.com. Trade data since the start of Trump’s trade war backs up the New York Fed’s findings.President Donald Trump’s tariffs are unlikely to help achieve one of the president’s biggest trade goals, according to a new study by the New York Federal Reserve.According to the lastest data from the US Census Bureau, the US trade deficit increased…

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News Oil 

China drops U.S. crude oil from its target list of tariffs

“As China made good on its threat to impose 25% tariffs on $16 billion worth of U.S. imports, one big-ticket item originally on its hit list was conspicuously missing: crude oil” writes Chuin-wei Yap for marketwatch.com. Oil had been one of a slate of targets China listed in June for tariffs to counter those the Trump administration threatened on Chinese imports.China depends on imports for 70% of its energy needs, and the International Energy Agency forecasts that will climb to 80% by 2040.But oil was off Wednesday’s final list. Source: marketwatch.com…

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Job losses incurred as a result of the Trump’s administration trade skirmishes, the largest of which is with China, could outpace employment gains from the GOP-led tax law, according to a new report from the Tax Foundation.

“Job losses incurred as a result of the Trump’s administration trade skirmishes, the largest of which is with China, could outpace employment gains from the GOP-led tax law, according to a new report from the Tax Foundation” writes Ap Photo Evan for washingtonexaminer.com. Several smaller manufacturers have already announced layoffs and production cuts as a result of the administration’s trade agenda, while larger corporations warn that profits will be lower in 2018 due to the tariffs.Should all the trade actions go into effect, the Tax Foundation estimated the U.S. economy…

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One map shows why Trump’s trade war with China could be a disaster for average Americans

“There’s no clear resolution on the horizon for President Donald Trump’s trade war with China, and many states in the US could soon start feeling the pain” writes Finanzen Net Gmbh for businessinsider.com. Given that China represented just over 21% of all imports coming into the US in 2017, an escalation of the trade war could push up prices for many goods.According to data from the Census Bureau, China is a key source of imports for many states: So far, supporters have stood beside Trump amid the trade disputes. Source: businessinsider.com…

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News Oil 

Oil prices rebound slightly after heavy declines over trade dispute

“China, the world’s top importer of crude, took 8.48 million barrels per day (bpd) last month, up from 8.18 million bpd a year earlier and June’s 8.36 million bpd, customs data showed” reports cnbc.com. The U.S. Energy Information Administration, meanwhile, reported that crude inventories fell 1.4 million barrels in the latest week, less than half the 3.3 million-barrel draw analysts had expected.Oil prices rebounded on Thursday after heavy losses in the previous session that came as the China-U.S. trade dispute escalated, with official Chinese data indicating energy demand in the…

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News Stocks 

S&P 500’s longest win streak in 6 months is at risk as stocks edge lower on nagging tariff worries

“The Trump administration completed plans Tuesday to impose tariffs on an additional $16 billion of Chinese imports” writes Mark Decambre for marketwatch.com. The S&P 500 index SPX, -0.12% edged 0.1% lower to reach 2,855.Shares of the company surged 11% on Tuesday after CEO Elon Musk, via Twitter, said he was weighing a go-private transaction.The import duties, which were widely expected and would take effect Aug. 23, brings the total amount of Chinese goods covered by tariffs to $50 billion. Source: marketwatch.com Share This:

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