# New Trade War Escalation Sends Shockwaves Through Oil Markets | OilPrice.com

> WTI crude erased early gains and was set to finish the week lower after China said it would retaliate with tariffs of 5% to 10% on another $75 billion of US goods. Traders awaited Fed Chair Powell's Jackson Hole speech, with rate-cut expectations central to the outlook.

- Date: 2019-08-23 · published 2019-08-23T12:00:00.000Z
- Category: trade · region US · magnitude high
- Page: https://feedsoft.ai/events/57750-new-trade-war-escalation-sends-shockwaves-through-oil-markets-oilprice-com
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Escalating US-China tariffs threaten agricultural export demand, including soybeans and pork, which weighs on US farm commodity prices.

## Read by commodity

- SOY: bearish ▼
- WTI: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-08-25 | [Oil Markets Hit Hard By Trade War Escalation \| OilPrice.com](https://feedsoft.ai/events/57749-oil-markets-hit-hard-by-trade-war-escalation-oilprice-com.md) | +1.8% | +7.1% |
| WTI | 2019-08-05 | [Trade war fears send shudder through stock markets](https://feedsoft.ai/events/8382-trade-war-fears-send-shudder-through-stock-markets.md) | -2.2% | -1.1% |
| WTI | 2025-04-08 | [Oil settles down $1 at four-year low as US-China trade war escalates](https://feedsoft.ai/events/25281-oil-settles-down-1-at-four-year-low-as-us-china-trade-war-escalates.md) | +1.5% | -1.6% |
| WTI | 2019-08-01 | [Trump escalates trade war with more China tariffs](https://feedsoft.ai/events/8497-trump-escalates-trade-war-with-more-china-tariffs.md) | -12.7% | -4.7% |
| WTI | 2019-08-02 | [MARKET WATCH: NYMEX oil prices tumble on US-China relations \| Oil & Gas Journal](https://feedsoft.ai/events/8498-market-watch-nymex-oil-prices-tumble-on-us-china-relations-oil-and-gas-journal.md) | -2.2% | +5.5% |
| SOY | 2019-08-25 | [Oil Markets Hit Hard By Trade War Escalation \| OilPrice.com](https://feedsoft.ai/events/57749-oil-markets-hit-hard-by-trade-war-escalation-oilprice-com.md) | +1.6% | +5.8% |
| SOY | 2019-08-07 | [Trade war escalation wreaks havoc in markets: Impact on FX \| Lombard Odier](https://feedsoft.ai/events/5370-trade-war-escalation-wreaks-havoc-in-markets-impact-on-fx-lombard-odier.md) | +2.9% | +1.7% |
| SOY | 2019-05-11 | [How an escalating trade war could play out for ocean shipping - FreightWaves](https://feedsoft.ai/events/59286-how-an-escalating-trade-war-could-play-out-for-ocean-shipping-freightwaves.md) | +3.1% | +7.7% |

## Sources

- oilprice.com: https://oilprice.com/Energy/Energy-General/New-Trade-War-Escalation-Sends-Shockwaves-Through-Oil-Markets.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.