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(Oil Price Steadies Despite Intensifying U.S.-China Trade Tension)

Oil price steadied on Friday despite the intensifying trade tension between the U.S. and China.The Chinese Ministry of Commerce announced a 25% tariff on $16 billion worth of U.S. goods including passenger cars and motorcycles on Wednesday. Beijing’s announcement came after the Trump administration confirmed a list of $16 billion worth of Chinese goods that would be hit with tariffs in the previously day. China’s Ministry of Commerce said in a statement that the U.S.’s decision is “very unreasonable,” and that China has no choice but to retaliate.

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