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The U.S. average retail price of diesel dropped 1.1 cents to $2.983 per gallon, the Department of Energy reported Aug. 26, and the price of crude dropped to a two-week low amid the persistent tariff-related faceoff between the United States and China.

President Donald Trump said Aug. 23 he’s raising tariffs further on Chinese imports in response to Beijing’s retaliation earlier in the day, deepening the impasse over the two nations’ trade policies.

Tempting as it might be to think a stronger dollar offsets higher U.S. tariffs by making Chinese imports cheaper, the International Monetary Fund says the greenback’s global prevalence tells a different story.

The U.S. average retail price of diesel dropped 1.7 cents to $2.994 a gallon, the Department of Energy reported Aug. 19. Crude oil prices lifted moderately to pass $56 a barrel as U.S.-China trade tensions eased somewhat, while a drone attack on an oil field in Saudi Arabia rekindled concerns over the oil supply chain.

President Donald Trump said the United States is “doing very well with China, and talking!” but suggested he wasn’t ready to sign a trade deal, hours after his top economic adviser laid out a potential timeline for the resumption of substantive discussions with Beijing.

Iran is racing to return an oil supertanker to international waters after a Gibraltar court determined it couldn’t wait for the United States to take action that would prolong the six-week detention of the vessel for allegedly violating trade sanctions.

The 53-foot containers that are vital to the movement of goods into the United States from overseas have been removed from a list of items that would be subject to tariffs on goods arriving from China, the Office of the U.S. Trade Representative said Aug. 13.

Huawei Technologies Co. hired the law firm Sidley Austin to lobby on trade as the U.S. pressures allies to join it in blacklisting the Chinese telecom giant and the company finds itself increasingly mired in President Donald Trump’s trade war with Beijing.

The escalating trade war between the U.S. and China is nudging the world economy toward its first recession in a decade with investors demanding politicians and central bankers act fast to change course.

President Donald Trump’s top economic adviser, Larry Kudlow, said the United States still expects Chinese negotiators to come to Washington for another round of trade talks in September, even after the two nations escalated their trade war.