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Global markets were shaken as the US confirmed a staggering 145% tariff on Chinese imports, escalating the trade war despite initial optimism from President Trump's softer stance on other international tariffs. While Asian and European markets initially surged, US indices plummeted, reflecting investor concerns over the deepening conflict with China, which retaliated with 84% levies on US goods. International leaders expressed cautious optimism for negotiations, but tensions remained high, impacting commodities like oil, which saw significant price drops amid the uncertainty.
Global markets plunged as the US confirmed a staggering 145% tariff on Chinese imports, escalating the trade war despite initial optimism from President Trump's softer stance on other international tariffs. While Asian and European markets initially surged, US indices fell sharply, with the Dow dropping 1,746 points. Amidst the turmoil, international leaders expressed cautious optimism for negotiations, while oil prices also declined in response to the heightened tensions.
Global markets reacted sharply to escalating US-China trade tensions, with the US imposing a cumulative 145% tariff on Chinese imports, while China retaliated with 84% levies on US goods. Initially buoyed by President Trump's softer stance on other trade partners, US markets plummeted, with the S&P 500 down 5% and the Dow Jones losing 1,746 points. Oil prices also fell as investors reassessed the implications of the ongoing trade conflict.
Oil prices fell as the US-China trade war intensified, with Brent futures down 0.6% to $65.09 and US West Texas Intermediate crude down 0.5% to $62.06. President Trump raised tariffs on China to 125%, while China retaliated with an 84% import levy on US goods, creating uncertainty that could impact global oil demand.Despite a recent 4% increase in crude prices, analysts warn that ongoing trade tensions and rising US crude inventories—up 2.6 million barrels—pose risks to market stability. The Keystone Pipeline remains shut due to an oil spill, while the Caspian Pipeline Consortium has resumed operations after legal restrictions were lifted.
Oil prices have plummeted to their lowest levels since February 2021, with Brent futures down 3.34% to $60.72 a barrel and WTI down 3.42% to $57.54, amid escalating US-China trade tensions and increased supply forecasts. The implementation of Trump's tariffs has raised concerns over global economic growth and fuel demand, while OPEC+ plans to increase output further exacerbate the situation. Despite a slight decline in US crude inventories, fears of a prolonged trade war threaten China's oil demand growth, potentially impacting the market significantly.
Oil prices plummeted to a four-year low, marking the worst five-day drop since 2022, as escalating trade tensions between the US and China raised fears of a global recession. The US imposed significant tariffs on Chinese goods, prompting retaliatory measures from China and causing a sharp decline in commodity prices, including copper and iron ore. While China's oil demand growth is at risk, potential domestic stimulus could help mitigate losses.
Gold prices increased by 1 percent as the U.S. tariffs on China took effect, with spot gold rising to $3,010.39 an ounce. The dollar weakened, making gold cheaper for foreign investors, while U.S. gold futures climbed to $3,026.90. Tensions escalated as China vowed to resist U.S. pressure, and markets await key economic data from the Federal Reserve.
Saudi Arabia has reduced May oil prices for Asian buyers to a four-month low, cutting the official selling price for Arab Light crude by $2.30 to $1.20 above the average of Oman and Dubai prices. This marks the largest decline in over two years, following a surprise decision by OPEC+ to increase oil output by 411,000 barrels per day, significantly impacting global oil prices. The move comes amid a backdrop of escalating trade tensions and a return of Russian supply to Asia.
Gold prices fell to a three-week low amid a broader market sell-off, driven by fears of a global recession linked to escalating trade tensions. Spot gold dropped 0.3% to $3,027.90 an ounce, while US gold futures rose 0.4% to $3,047.50. Investors are speculated to be selling bullion to cover losses in other trades, as global markets react to significant US tariffs and China's countermeasures.
UAE gold prices have decreased by Dh10 per gram over the weekend, prompting shoppers to take advantage of the drop ahead of 'Akshaya Trithiya.' This occasion is traditionally considered auspicious for purchasing gold, leading to increased consumer interest.
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05:10 11.04.2025
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