Financial Tribune - Oil prices weakened on Monday after new tariffs imposed by the United States and China came into force, raising concerns about a further hit to global growth and demand for crude.

Brent crude slipped 22 cents, or 0.4%, to $59.03 a barrel, while U.S. oil was down 2 cents at $55.083 at barrel, CNBC reported.

The United States began imposing 15% tariffs on a variety of Chinese goods on Sunday - including footwear, smart watches and flat-panel televisions - as China put new duties on US crude, the latest escalation in a bruising trade war.

US President Donald Trump said both sides would still meet for talks later this month. Trump, writing on Twitter, said his goal was to reduce US reliance on China and he again urged American companies to find alternate suppliers outside China.

Beijing’s levy of 5% on US crude marks the first time the fuel had been targeted since the world’s two largest economies started their trade war more than a year ago.

“Despite President Trump dismissing concerns about a protracted trade war, we are of the view that the latest escalation would not result in a tr