There's a subtext here that's important for oil
  • Sweeping, untargeted tariffs would raise prices for US households
  • There is a growing international consensus that China must shift its economic practices
  • China policies are leading to industrial overcapacity, threatening US firms and workers

All I see there is that if Trump wins the election and locks horns with China, it is likely to stoke inflation pressures. Expect that to be one of the potential election trade in the weeks ahead. That will not only impact the dollar based on the Fed outlook but also broader risk sentiment too.