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US and China Ramp Up Trade Threats | Crude Oil Prices Retreat
Published September 17, 2018
President Trump’s economic conflict with China is set to escalate, as the administration plans to unveil fresh tariffs on $200 billion in Chinese products entering the US and Beijing debates new ways to retaliate against US corporations doing business in China.
US retail sales rose by less than the forecast for August following an upwardly revised July gain; purchases of automobiles and clothing fell, suggesting households took a break from spending. The value of overall sales climbed 0.1 percent from the prior month.
Bank of England Governor Mark Carney warned that developments surrounding Brexit are the most significant influences on the economic outlook for Britain. Carney said that Bank of England is well prepared for whatever path the economy takes, including a wide range of potential Brexit outcomes.
Oil prices pulled back on concerns that additional US tariffs would be placed on Chinese imports, after an earlier rally caused by worries that more sanctions on Iran might constrict supply. Brent crude prices had hit a high of $78.81.