China media rallies over US tariff action

Trump orders review of $100 billion more in tariffs on China

The global benchmark crude traded at a $4.84 premium to June WTI. Many trade experts point out that the United States increasingly acts on its own under Trump, by withdrawing from the Paris climate accord and the Trans Pacific Partnership, for instance, and pursuing trade protections without consulting allies.

The US Department of Agriculture is looking for ways to assist farmers affected by China's tariffs, USDA undersecretary Bill Northey told Reuters, but did not offer specifics. The move came a day after both the US and China officials indicated they are willing to negotiate on frictions. But the calm before any storm may last much longer if Trump wants protections in place for USA farmers.

"A (full-blown) trade war meanwhile would have a more pronounced effect".

On Friday in a tweet, President Trump accused China of unfair trade saying.

The week started with China imposing US$3 billion of tariffs on USA fruits, nuts, wine and pork, and rapidly escalated to threats that could seriously curtail hundreds of billions of dollars in trade between the world's two largest economies.

Trump's tariffs have been criticized by USA businesses and members of his own Republican party alike.

Kudlow started his job as director of the national economic council this week.

China said negotiations were impossible under the circumstances.

Fears on Wall Street Friday of an all-out trade war with China came after President Trump upped the stakes again in the multi-billion dollar tariff battle.The President asked for additional tariffs Thursday on $100 billion of Chinese imports and China responded with a warning.

In Beijing, a Commerce Ministry spokesman said China doesn't want a trade war - but isn't afraid to fight one.

China retaliated by announcing plans to impose a 25% tariff on USD50 billion worth of United States exports, including aircraft, cars, and soybeans, which Trump called an effort to harm USA farmers and manufacturers.

The ministry also vowed to take "comprehensive countermeasures", according to Xinhua, although it did not add further details.

"Under these conditions, the two sides can not conduct any negotiations on this issue", Mr Gao said, without elaborating.

Trump cited dropping aluminum prices as proof his get-tough trade policies are working in a Twitter message Friday morning. People are surprised, I'm not!

The Energy Information Administration (EIA) reported a 4.6 million-barrel draw in US crude inventories last week, compared with analysts' expectations for an increase of 246,000 barrels, providing some support to prices.

Benchmark U.S. crude dropped $1.48, or 2.3 percent, to $62.06 a barrel in NY while Brent crude, used to price global oils, lost $1.22, or 1.8 percent, to $67.11 per barrel in London.

GREENE: So were we expecting this to escalate more - for there to be more threatened tariffs from this White House?

President Trump says China needs the fuel China's economic growth. He made the comments this morning during a radio interview on 77 WABC Radio.

"China and the United States are both big countries in the world and should respect each other and treat each other as equals", he added. If the United States continues its protectionism regardless of opposition from China and the worldwide community, China will fight to the end at any cost to "protect the interests of the country and the people", Xinhua reported.

China retaliated by imposing additional tariffs worth about US$ three billion on 128 USA products.