{"id":46611,"date":"2019-06-13T11:13:53","date_gmt":"2019-06-13T16:13:53","guid":{"rendered":"https:\/\/olduvai.ca\/?p=46611"},"modified":"2019-06-13T11:13:58","modified_gmt":"2019-06-13T16:13:58","slug":"escalating-trade-war-signals-more-pain-for-oil","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=46611","title":{"rendered":"Escalating Trade War Signals More Pain For Oil"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/oilprice.com\/Energy\/Energy-General\/Escalating-Trade-War-Signals-More-Pain-For-Oil.html\">Escalating Trade War Signals More Pain For Oil<\/a><\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/718x300\/440c1bdd585d3a9a113d0429c6000c06.jpg\" alt=\"Offshore tanker terminal\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Trump backed off his proposed trade war with Mexico in the face of intense pressure from business groups and even his own party, but his faith in tariffs remains unbowed. In fact, Trump may have internalized a lesson that presents further risks to the global economy and to oil markets.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cIf we didn\u2019t have tariffs, we wouldn\u2019t have made a deal with Mexico,\u201d Trump said on Monday. \u201cWe got everything we wanted.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The proposed 5 percent tariff on Mexico was suspended because Trump said that the Mexican government agreed to a series of demands to tighten up migration through the country. However, press reports suggest that some of the provisions in the deal, such as Mexico agreeing to buy agricultural goods, are a&nbsp;<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-06-08\/mexico-never-agreed-to-farm-deal-with-u-s-contradicting-trump\" target=\"_blank\" rel=\"noreferrer noopener\">mirage<\/a>, while others, such as expanding border security, were&nbsp;<a href=\"https:\/\/www.vox.com\/policy-and-politics\/2019\/6\/9\/18658768\/mexico-us-trade-tariffs-ambassador-coqui-trump-agricultural-deal\" target=\"_blank\" rel=\"noreferrer noopener\">agreed to months ago<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Leaving those pesky details aside, Trump was triumphant. Indeed, even though the White House saw pushback from business groups and the Republican-controlled U.S.&nbsp;<a href=\"https:\/\/www.nytimes.com\/2019\/06\/04\/us\/politics\/republicans-mexico-tariffs.html\" target=\"_blank\" rel=\"noreferrer noopener\">Senate<\/a>, in Trump\u2019s mind the whole episode seems to have reaffirmed his strategy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With the U.S.-China trade war unfinished, the U.S. President feels emboldened to take a hardline on Beijing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe China deal\u2019s going to work out,\u201d Trump said in an interview on CNBC. \u201cYou know why? Because of tariffs. Because right now China is getting absolutely decimated by companies that are leaving China, going to other countries, including our own, because they don\u2019t want to pay the tariffs.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Moreover, he says that the tariffs to date have been successful. \u201cWe\u2019ve never gotten 10 cents from China. Now we\u2019re getting a lot of money from China, and I think that\u2019s one of the reasons the G.D.P. was so high in the first quarter because of the tariffs that we\u2019re taking in from China,\u201d he told\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/www.nytimes.com\/2019\/06\/10\/us\/politics\/trump-mexico-tariffs-china.html\" target=\"_blank\">reporters<\/a>\u00a0on Monday.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Escalating Trade War Signals More Pain For Oil Trump backed off his proposed trade war with Mexico in the face of intense pressure from business groups and even his own party, but his faith in tariffs remains unbowed. In fact, Trump may have internalized a lesson that presents further risks to the global economy and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3,5],"tags":[130,7844,6010,592,805],"class_list":["post-46611","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","category-geopolitics","tag-china","tag-donald-trump","tag-nick-cunningham","tag-oil-price","tag-trade"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/46611","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=46611"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/46611\/revisions"}],"predecessor-version":[{"id":46612,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/46611\/revisions\/46612"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=46611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=46611"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=46611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}