Oil prices plummet as Trump announces new tariffs - Lang Son Newspaper and Radio and Television

According to BNN Bloomberg, West Texas Intermediate crude oil price fell to $70.73/barrel at 4:59 p.m. on April 2 (New York time) in late trading, down 1.4% compared to the settlement price.

Similarly, US gasoline futures ended the session at their highest level since August 2024. Along with that, many investors rushed to sell off US stocks, especially companies with global supply chains, causing stock prices to plummet.

Crude oil market fluctuates due to Trump's tax policy. (Photo: Bloomberg)

S&P 500 futures - which are indicative of the April 3 opening price - fell 3.5%, Nasdaq 100 futures lost more than 4.3%, while Dow Jones futures fell about 1,000 points (2.3%), a sharp reaction after the indexes had just suffered their worst quarter in years, largely due to concerns about the economic impact of Mr. Trump's tariff policies.

On April 2, the US President announced a 25% tariff on imported cars and reciprocal tariffs on every country. In addition, President Trump announced tariffs of at least 10% on almost all goods imported into the US, plus even higher tariffs on dozens of countries with the highest trade deficits with the US.

Imports from China will be subject to a 34% tariff, Trump said, in addition to the 20% tariff he has already imposed on the country. US allies will not be exempt, including the European Union, which faces a 20% tariff. The US will also impose a 46% tariff on imports from Vietnam.

Canada and Mexico, two of the US's largest trading partners, already face 25% tariffs on many goods and will not be subject to additional tariffs from the new announcement.

The Trump administration's move to impose a 10% basic tariff on all imports into the US and raise tariffs on some of the country's largest trading partners is seen as a move that could escalate the trade war and disrupt the global economy.

Trading partners are expected to respond with countermeasures that could lead to dramatically higher prices on everything from bicycles to wine.

Source: https://baolangson.vn/gia-dau-giam-sau-khi-ong-trump-cong-bo-loat-thue-quan-moi-5043024.html