Trump aims to to recalibrate US trading conditions with other nations
Opec and IEA bristle at Trump's trade posturing
The IEA and Opec say Trump’s trade plans are a threat to global growth
Protectionist measures like tariffs and trade wars threaten to undermine global economic growth and limit oil demand, the major oil organisations wrote this week in thinly veiled swipes at US president Trump’s recent trade manoeuvres. In its monthly update, the International Energy Agency noted strong growth in global trade to 4.7% in 2017, from just 2.5% the previous year, saying this likely explains a robust 1.8% increase in global gasoil demand in 2017. Opec this week also said global economic growth “has recovered significantly” and is now forecast at 3.8% this year. “Given the improvements in economic activity across the world, oil demand will be well supported in 2018.” But both see a
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