# Oil plunges, down more than 6% after Trump adds tariffs on China

> WTI crude fell 7.9% to $53.95 and Brent dropped more than 6% to $60.67 after President Trump said an additional 10% tariff on $300 billion of Chinese goods would take effect in September. It was the worst day for WTI in more than four years. Analysts linked the selloff to concerns that the trade war would slow the global economy.

- Date: 2019-08-01 · published 2019-08-01T12:00:00.000Z
- Category: trade · region China · magnitude high
- Page: https://feedsoft.ai/events/8495-oil-plunges-down-more-than-6-after-trump-adds-tariffs-on-china
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

The tariff announcement lowers the outlook for global growth and energy demand, pushing crude sharply lower. Weaker crude also reduces support for biofuel margins that influence demand for vegetable oils and corn.

## Read by commodity

- SOY: bearish ▼
- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2019-08-07 | 5 | -14.1% | -3.3 | Documents the Aug 1 plunge in WTI and Brent tied to trade-war worries over slower global growth. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2019-08-01 | [Oil slumps 7% as Trump announces additional tariffs on Chinese imports](https://feedsoft.ai/events/8492-oil-slumps-7-as-trump-announces-additional-tariffs-on-chinese-imports.md) | -12.7% | -4.7% |
| WTI | 2025-04-03 | [OIL FUTURES: Crude prices sink after Trump unveils sweeping new tariffs](https://feedsoft.ai/events/7296-oil-futures-crude-prices-sink-after-trump-unveils-sweeping-new-tariffs.md) | -13.1% | -16.5% |
| WTI | 2025-04-04 | [Oil dives 7% to lowest in over 3 years on China's tariffs](https://feedsoft.ai/events/6315-oil-dives-7-to-lowest-in-over-3-years-on-china-s-tariffs.md) | -10.2% | -12.0% |
| WTI | 2018-04-06 | [US oil closes 2.3% lower after Trump's latest China trade threats](https://feedsoft.ai/events/10843-us-oil-closes-2-3-lower-after-trump-s-latest-china-trade-threats.md) | +5.6% | +7.7% |
| BRENT | 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) | -13.9% | -6.4% |
| BRENT | 2019-08-01 | [Oil slumps 7% as Trump announces additional tariffs on Chinese imports](https://feedsoft.ai/events/8492-oil-slumps-7-as-trump-announces-additional-tariffs-on-chinese-imports.md) | -13.9% | -6.4% |
| BRENT | 2025-04-03 | [OIL FUTURES: Crude prices sink after Trump unveils sweeping new tariffs](https://feedsoft.ai/events/7296-oil-futures-crude-prices-sink-after-trump-unveils-sweeping-new-tariffs.md) | -12.8% | -18.2% |

## Sources

- cnbc.com: https://www.cnbc.com/2019/08/01/oil-plunges-down-more-than-6percent-after-trump-adds-tariffs-on-china.html

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