Brent crude prices rebounded to $70 per barrel during midday trading on Tuesday as fears of a trade war eased on conciliatory comments from both the U.S. and China.
Even as President Trump mulls $100 billion in additional tariffs on China, as reported last week, U.S. officials took to the airwaves over the weekend to downplay the significance of the trade dispute.
Trump’s trade adviser Peter Navarro, considered one of the main voices pushing for stiff tariffs, sounded more low-key (for him) on the Sunday talk shows.
“We’re listening to the Chinese. We’re willing to work with them,” Navarro said on NBC News’s “Meet the Press.” Although he went on to add: “But we’re clear-eyed about this. We’re moving forward on a measured way with tariffs, with investment restrictions,” he said. “What we want from China is very clear. We want fair and reciprocal trade.”
Secretary of Treasury Steven Mnuchin was more measured. “Whatever happens in trade, I don’t expect it to have a meaningful impact on our economy,” he said...