Monday saw the continuous fall in oil prices, pushing the United States crude oil to its lowest in over two weeks.
This is obviously a result of the intensifying trade war between the United States and China. Experts are warning the continued trade war could affect the global economy worse more than feared.
Many people around the world are worried about how this will all affect them and are doing all they can to keep their jobs.
Some people in need of money are deciding to do more side hustles to keep money coming in, even if they lose their jobs. Thanks to the Internet many are able to get things to do online, to keep money coming in.
Even students are selling pictures online to people buying as explained on this BuyFeetPictures.com website. The Internet is obviously going to help people make extra money on the side, no matter how things go with the economy.
As for the falling oil prices, U.S. oil fell 68 cents (1.3%) to a low of $53.49 a barrel. It’s feared such fall would continue as the trade war escalates even further with China talking of more tariffs on products coming from the United States.
In particular, China warned it would impose 5% or even 10% additional tariffs on over 5,000 products coming from the United States. These products would include agricultural products like soybeans, crude oil and even small aircrafts.
Trump has also mentioned he was going to order U.S. companies to close their operations in China, all of which would only make the entire situation even worse.
It’s uncertain Trump and his team know the full extent of how this will affect the U.S. but there are already more signs of trouble brewing.
For example, further signs of trouble for the U.S. is the fact that this is the first time that U.S. manufacturing industries have registered a month of contraction in nearly a decade.
Things are obviously not looking good, not just for the United States and China, but for the global economy as well. Countries as far away as Australia are also beginning to feel the devastating effect of the trade war.
That’s why experts like Jeffrey Halley are hoping both nations come together to resolve the trade war, to prevent further damage.
In his words, “The only thing that will lift the storm clouds over oil markets this week will be if both China and the U.S. talk and decide to mutually take a step back“.
Emergency loans can be the Answer to the Financial Crunch During the COVID-19 Crisis
Everyone thought that 2020 was going to be their year, but that wasn’t the case. The COVID-19 Pandemic had different plans in store. Most of the countries have been under lockdown since the coronavirus crossed the borders and traveled across countries.
Schools, offices, courthouses, restaurants, parlors, and gyms are closed. Even though people are happy to spend time at home, it is started to affect them financially. The world economy doesn’t look so good and is crippled, to be honest. In this dire financial situation, people are worried about paying their bills.
Many have lost their jobs, and many haven’t received salaries. There have been salary cuts as well. People are struggling to make ends meet after being out of work for months. Nobody has any idea when the lockdown will ease, and things will go back to normal. Until then, everyone is to stay home and stay safe.
Under these circumstances, there are ways in which people can deal with the financial crisis. The state and the federal government are doing everything in their power to provide relief to anyone who is suffering from financial hardship due to the lockdown.
People who had been wise as to open an emergency fund can use that money to go through these tough times. One can also ask their bank or credit union whether they have borrowing options available.
Creditors also have provisions for customers during hardships. And some are even offering bad credit loans guaranteed approval to help in these times. They can temporarily reduce your interest rate or payment amount, or pause your payment. If this does not work out, then you can get a credit card with a 0% annual percentage rate so that you can avoid the unnecessary interest.
The last resort is taking emergency loans. You can always borrow money from family, but it can create an unnecessary rift. There are many lenders out there who can offer you with emergency loans, no matter how small or big.
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