Market Focus: US, China trade deal boosts markets, but uncertainty remains
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Market Focus: US, China trade deal boosts markets, but uncertainty remains
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In this Market Focus episode of the Oil & Gas Journal ReEnterprised podcast, Conglin Xu breaks down recent developments in the global energy markets.
The US and China reached a temporary trade agreement on May 11. The US will lower tariffs on Chinese goods to 30% from 140% and China will reduce tariffs on US imports to 10% from 125%. Certain tariffs, particularly those related to cars, steel, and aluminum, remain in place. Overall, the agreement led to a positive response in global markets. US stocks surged, and oil prices experienced a strong uptake.
With tariffs reduced, if sustainable, there is the expectation of an increase in industrial activity, likely to drive higher demand for oil, supporting prices in the near term. But the deal is temporary, and uncertainty remains. Prior to the deal, certain North American shale producers began releasing first-quarter 2025 earnings reports, detailing plans to reduce capital spending and remain flexible in the current macro environment.