In a bid to reach a long-sought trade deal with China, US-President on Sunday vowed to levy a higher tariff on some of the Chinese goods. Due to productive discussions with China, the US early this year delayed tariff increases on China.
Tracking such a development, oil declined in price by almost 2%, almost most of the Asian markets are trading down taking cues from the development in the US.
On Twitter, Donald Trump said that there will be a tariff hike to 25% on Friday and more Chinese goods will face additional tariffs.
With the announcement, expectations on the front that positive trade talks between the 2 nations will end the trade war situation that brought about global slowed and disrupted the world economy, have gone for a toss.