Crude oil futures traded higher on Monday morning after US President Donald Trump backtracked on his threats to impose 100 per cent additional tariffs on China.
At 9.56 am on Monday, December Brent oil futures were at $63.60, up by 1.39 per cent, and November crude oil futures on WTI (West Texas Intermediate) were at $59.74, up by 1.43 per cent. October crude oil futures were trading at ₹5,309 on the Multi Commodity Exchange (MCX) during the initial hour of trading on Monday against the previous close of ₹5246, up by 1.20 per cent, and November futures were trading at ₹5,299, against the previous close of ₹5,238, up by 1.16 per cent.
In a post on social media platform Truth Social, Trump said: “Don’t worry about China, it will all be fine! Highly respected President Xi just had a bad moment. He doesn’t want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!!”
Trump had threatened to impose additional 100 per cent tariff on China two days ago.
In a post on Truth Social on Friday, Trump said: “It has just been learned that China has taken an extraordinarily aggressive position on Trade in sending an extremely hostile letter to the World, stating that they were going to, effective November 1st, 2025, impose large scale Export Controls on virtually every product they make, and some not even made by them. This affects ALL Countries, without exception, and was obviously a plan devised by them years ago. It is absolutely unheard of in International Trade, and a moral disgrace in dealing with other Nations.
“Based on the fact that China has taken this unprecedented position, and speaking only for the U.S.A., and not other Nations who were similarly threatened, starting November 1st, 2025 (or sooner, depending on any further actions or changes taken by China), the United States of America will impose a Tariff of 100% on China, over and above any Tariff that they are currently paying. Also on November 1st, we will impose Export Controls on any and all critical software. It is impossible to believe that China would have taken such an action, but they have, and the rest is History.”
Crude oil futures had fallen nearly 4 per cent on Friday after Trump threatened to impose additional 100 per cent tariff on China. Markets feared that the trade tensions between two major economies would impact the demand for commodities such as crude oil in global market.
October cardamom futures were trading at ₹2,620 on MCX during the initial hour of trading on Monday, against the previous close of ₹2,524, up by 3.80 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), October turmeric contracts were trading at ₹12,260 in the initial hour of trading on Monday, against the previous close of ₹12,126, up by 1.11 per cent.
October jeera futures were trading at ₹18,780 on NCDEX in the initial hour of trading on Monday, against the previous close of ₹18,890, down by 0.58 per cent.
Published on October 13, 2025