According to Reuters, oil prices slumped after China announced a tariff on American crude oil.<br />China's Ministry of Commerce announced another round of tariffs levied against American imports in response to the latest tariffs from Washington.<br />The Trump administration announced another round of tariffs on Chinese imports worth a total of $16 billion, which will be imposed starting August 23rd.<br />In reply, China has prepared a similar package of tariffs, which includes American oil. <br />
