Oil Prices Drop as China Retaliates With 125% Tariff on U.S. Goods

China hit back at the U.S. tariffs by raising on Friday the Chinese tariff on U.S. goods to 125% from 84% earlier, escalating the U.S.-China standoff. “The U.S. imposition of abnormally high tariffs on China seriously violates international and economic trade rules, basic economic laws and common sense and is completely unilateral bullying and coercion,” China’s Finance Ministry said in a statement. Oil prices, which had been climbing before China's announcement, dropped in response to the news. At the time of writing, both WTI…