He said he did not think there will be a trade war.
"Oil prices have been susceptible to the brewing trade tensions between China and the U.S. However, fundamental support levels have been demonstrated with OPEC's suggestion on a production limit extension into 2019", said Singapore-based Phillip Futures. The move was related to China's alleged theft of USA intellectual property.
President Donald Trump's barrage of tariff threats have left China's Xi Jinping with a tricky balance to strike.
Amid rising concerns about a possible trade war between the U.S. and China, President Donald Trump suggested that Beijing will ease "because it is the right thing to do" and that the economic superpowers can settle the disputes that have rattled financial markets, consumers and businesses.
Asian markets rose on Monday after Trump tweeted that he saw an end to the escalating dispute before the higher tariffs threatened on hundreds of billions of goods would come into effect.
Oil markets stabilized on Monday after having lost around 2 per cent last Friday as concerns grew over the impact on global growth from an intensifying trade dispute between the United States and China, as well as increased US drilling activity. The US sold about $130 billion in goods to China in 2017 and faces a potentially devastating hit to its market there if China responds in kind.
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One trade policy expert said he doubted that Trump's rhetoric would help forge any deal with China.
The United States, charging China with unfair trade practices and theft of intellectual property, proposed some $50bn in tariffs on Tuesday - 25 per cent tariffs on more than 1,300 Chinese industrial and other products from flat-panel televisions to electronic components.
This is in addition to the proposed 25 per cent import tariffs worth United States dollars 50 billion on some 1,300 Chinese products being imported into the US.
The U.S. bought more than $500 billion in goods from China a year ago and now is planning or considering penalties on some $150 billion of those imports.
But Trump's newly-installed economic adviser Larry Kudlow tried to downplay those concerns, saying the United States is "not running a trade war".
The new White House economic adviser, Larry Kudlow, has said the U.S.is "not in a trade war" and that "China is the problem".
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But Trump trade adviser Peter Navarro sent a tougher message later Sunday, claiming the West Wing is "proceeding in a measured way" as negotiations with China continue. "We're moving forward in a measured way", he said on NBC's "Meet the Press". Beijing responded quickly with its own $50 billion target list of American-made products, including soyabeans, aircraft, cars and chemicals (China is by far the largest export market for American soyabean farmers).
"We want fair and reciprocal trade".
Trump's latest proposal intensified what was already shaping up to be the biggest trade battle in more than a half century.
"We can't allow China, which is a first-world country now and has to play by the rules, to steal our technology".
For Trump, the dispute runs the risk of blunting the economic benefits of his tax overhaul, which is at the center of congressional Republicans' case for voters to keep them in power in the 2018 elections.
On Sunday, the state People's Daily newspaper sought to tap into concern among some U.S. business leaders over the impact of Washington's planned tariffs.
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