- Oil drops gains as Trump makes last minute trade announcements
- The WTI prompt-month contract fell $0.33 to $69.67/Bbl Thursday morning (7:45 AM CT)
- Days before the August 1 deadline, President Trump announced a tariff rate of 15% on imported goods from South Korea, like the rate imposed on Japanese goods
- Imported goods from India will pay a substantial tariff rate of 25%, Trump also had words for the country for its large purchases of Russian energy and weapons
- Prime Minister Mark Carney of Canada said the country is ready to recognize a Palestinian state at September’s UN summit
- Trump said the decision would “make it very hard for us to make a Trade Deal with them”
- The President also announced the end to the de minimis exemption for tariffs on small-value packages (goods valued at or under $800)
- The 50% tariffs for imported goods from Brazil has been delayed by seven days with many products exempted from the levy
- Goldmans Sachs says Asian buyer will resist pressure from Washington (Bloomberg)
- According to the bank, refiners in China and India are unlikely to step away from purchasing Russian crude despite the sanctions and tariffs from the West
- Analyst for the bank, Yulia Grigsby, says “Finding a replacement of Russian crude on the global market would be difficult, given the large volumes, faster-than-expected decline in OPEC spare capacity, and differences in crude qualities”
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