Oil prices drop as Trump threatens new tariffs on China
Oil prices dropped sharply on Friday after President Trump warned of higher tariffs on Chinese goods.
Brent crude fell to $62.68 a barrel, and US WTI hit $58.83—the lowest since May.
The news rattled markets, adding to worries about global demand.
Broader economic implications
This isn't just about oil—Trump's tariff talk is fueling uncertainty about the global economy.
US-China tensions are making investors nervous, especially with China tightening controls on rare earth exports, which could hit tech manufacturing.
Even though a Gaza ceasefire has eased some geopolitical stress, concerns about a possible US government shutdown and ongoing oversupply mean traders are keeping a close eye on the economic outlook.
For anyone watching the world economy (or just gas prices), these moves matter.