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. A trade spat between the world’s two largest economies has dragged on for over a year and roiled financial markets. Though Chinese and U.S. trade negotiators held discussions as recently as this week, neither side appears ready to make a ... (full story)