-Source-The Wall Street Journal-
See Video -Can we win a trade War?
See Video - From A Different Point.Fear of a trade War
New tariffs announced by the U.S. and China spark selloff in raw materials across the board,” by Benjamin Parkin and Ira Iosebashvili: “West Texas Intermediate, the benchmark for U.S. crude oil, slumped 2.7% to $65.06 a barrel, halting a four-day winning streak. Gold slid 2.3% to the lowest level since late 2017, while industrial metals like copper, aluminum and lead sank at least 2% and cotton dropped 2.9%.
“Optimism over synchronized growth in the global economy had propelled raw materials sharply higher this year. Prices of resources across the board from lumber, cotton and oil to copper and nickel hit multiyear highs.
“That bullish run started to unwind Friday as escalating trade tensions between the U.S. and China prompted investors to question the global growth outlook. A White House statement said the U.S. would implement a 25% tariff on $50 billion of Chinese goods. Beijing responded by saying it would also launch tariffs on hundreds of American products next month. In addition to being the world’s second-largest economy, China is also the top consumer of many raw materials.” Read more