Tag: US-China tariffs
Brent crude was down 0.7%, at US$58.83 a barrel, while US oil was down 0.5%, at US$54.83 a barrel.
The extra 5% and 10% tariffs were levied on 1,717 items of a total of 5,078 products originating from the United States.
Chinese e-commerce giant, Alibaba, is riding a surge in domestic internet shopping helped by sales promotions and personalised shopping experience.
China says it will continue to buy US farm products, including corn, and has waived retaliatory tariffs on some imports, but there are no signs of any significant new purchases.
The move comes amid increased tensions between Iran and the West as well as between the United States and China, which have restarted major trade talks.