U.S. tariffs are set to take effect on China on Friday, with China promising immediate retaliation, kicking off the next phase of the trade war. But it remains to be seen if the trade war will derail a particularly bullish looking oil rally. U.S. tariffs on $34 billion worth of imported Chinese machinery, auto parts and medical devices begins on July 6, and China’s tariffs on U.S. soybeans and SUVs will begin as well. With little sign of de-escalation, the trade war could barrel forward with more tariffs coming down the pike. The timing is not great, as global trade in general is showing signs of slowing down . Economists are proclaiming the end to “global synchronized growth,” which helped bolster strong economic performances around the world in 2017. The cooling of global trade has contributed to an emerging market selloff, with steep declines in bonds, equities and currencies […]