China on Friday said it would impose tariffs on U.S. crude oil imports for the first time, sending prices down nearly 4% to two-week lows as the escalating bilateral trade war fed worries over a slowdown in global oil demand.
Federal Reserve Chair Jerome Powell said the central bank would "act as appropriate" to keep the U.S. economy healthy, stopping short of committing to rapid-fire rate cuts and drawing fire from President Donald Trump.
Stocks and oil prices fell sharply on Friday while traditional safe havens rose after U.S. President Donald Trump threatened to further escalate his trade war with China "this afternoon," following a new round of retaliatory tariffs from Beijing.
Oil prices fell on Friday after China unveiled retaliatory tariffs against about $75 billion worth of U.S. goods including crude oil, another escalation of a protracted trade dispute between the world's two largest economies.
Bank of England Governor Mark Carney took aim at the U.S. dollar's "destabilizing" role in the world economy on Friday and said central banks might need to join together to create their own replacement reserve currency.
The Trump administration is considering ramping up biofuel blending quotas in the coming years to assuage anger in the Farm Belt over its recent broad use of waivers for small refineries, but is not planning to rescind any of the exemptions it has granted so far, four sources familiar with the matter said.
Wall Street tumbled on Friday after the U.S.-China trade war escalated in dramatic fashion, with President Donald Trump demanding that American companies seek alternatives to doing business with China after Beijing announced its own slate of retaliatory measures.
U.S. Federal Reserve Vice Chairman Richard Clarida said on Friday the global economic outlook has worsened since July.
The owner of the only U.S. rare earths mine is going on a hiring spree as it looks to significantly boost production, part of a strategy to build out American refining capability after China raised tariffs on the minerals amid an escalating trade war.
The US-China Business Council on Friday said millions of U.S. citizens will be harmed by the increased trade tensions between the United States and China, the world's largest economies, following the latest salvos in the U.S.-China trade war.
U.S. President Donald Trump said on Friday he has ordered American companies to exit China after Beijing unveiled retaliatory tariffs on $75 billion worth of U.S. goods, in a new twist in the bitter trade war between the world's two largest economies.
The two new top executives at Citgo Petroleum PDVSAC.UL disclosed this week that net income in the second quarter slid to less than half its level a year earlier, hit by a broad slump for the refining industry as well as complications from U.S. sanctions on Venezuela and Citgo's split with state-run oil company PDVSA.
China's threat on Friday to slap a 5% tariff on U.S. oil imports could further soften demand for physical crude at hubs along the U.S. Gulf Coast, where exporters already have taken to shipping crude overseas without firm buyers, traders said.
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.
"As the year is progressing, it's getting harder to find those bright spots," Gita Gopinath tells CNBC.