Oil falls after China’s Trump threatens to raise tariffs

Arab and international

Economy News _ Baghdad

Oil prices fell on Monday after US President Donald Trump said he would raise tariffs on Chinese goods this week, threatening to disrupt trade talks between the world’s two largest economies.

West Texas Intermediate crude futures were $ 60.57 a barrel at 0646 GMT, down $ 1.37 or 2.2 percent from the previous settlement.

Brent crude fell below $ 70 a barrel and traded in futures at $ 69.34 a barrel, down $ 1.51, or 2.1 percent, at the closing price.

Trump wrote on Twitter on Sunday that it would raise tariffs a lot on Chinese goods this week, pushing the financial markets to drop including oil futures.

“Trump’s sudden tough stance on China’s tariffs has worried investors who are quick to reduce their risk exposure in the markets,” said Jasper Lawler, head of research at London-based capital group brokerage Brokerage.

“The prospect of stalled months of trade talks over Trump has raised concerns about oil demand in the future,” he said.

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Saleh: Iraq is a rich country and the need to activate the private sector

Editorial date: 2019/5/6 12:25

(Baghdad: Al-Furat News) President Barham Saleh stressed the need to address the obstacles and problems that hinder the work of the private sector, developing the various sectors to build a strong and cohesive economy.

During his meeting at the Peace Palace in Baghdad on Monday, President Saleh stressed the importance of enhancing the role of the private sector and allowing it to be involved in the process of reconstruction and reconstruction through the provision of economic climates and opportunities. As well as the role of this sector in supporting the government program adopted by the Prime Minister.

He explained that “Iraq is a rich country with human resources and expertise and natural resources that give broad prospects for the private sector,” stressing “the need to seek the private sector to establish positive relations with counterparts from brotherly and friendly countries and benefit from their expertise in various fields.”

In turn, the President of the Federation explained the activities of the Chambers of Commerce in the provinces and their contribution to the economic movement in the country, appreciating the support of the President of the Republic to the private sector to take its full role.

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