![oil-dragged-into-u-s-china-trade-war-prices-slump](https://utterbuzz.com/wp-content/uploads/2019/08/oil-dragged-into-u-s-china-trade-war-prices-slump-640x480.jpg)
China threatened to impose tariffs on U.S. crude oil for the first time in the escalating bilateral trade war, sending prices to two-week lows on Friday as that compounded worries about a slowdown in global oil demand. China said crude would be among the U.S. products hit by tariffs of 5% as of Sept. 1. U.S. President Donald Trump said he would offer a response later on Friday.