Trump trade war: Oil prices fall, stocks tumble

Fresh fears of a trade war between the world’s top two economies sent Asia markets tumbling on Monday after the United States and China imposed tit-for-tat tariffs on billions of dollars of imports.

Energy firms were among the biggest losers as oil prices plunged ahead of a key OPEC meeting, where Saudi Arabia and Russia are expected to lift a two-year-old production cap.
In an escalating spat over the American trade deficit with most of its major trading partners, including China, U.S. President Donald Trump last week pushed ahead with hefty tariffs on $50 billion of Chinese imports, starting on July 6.

Donald Trump’s decision to hit China with 25 percent levies was met with an immediate retaliation, moving the two closer to a trade war that could potentially batter the global economy.

In an escalating spat over the American trade deficit with most of its major trading partners, including China, U.S. President Donald Trump last week pushed ahead with hefty tariffs on $50 billion of Chinese imports, starting on July 6.

Donald Trump’s decision to hit China with 25 percent levies was met with an immediate retaliation, moving the two closer to a trade war that could potentially batter the global economy.