U.S. Crude Oil Falls on Tariff Jitters as Trump Moves to Boost Domestic Energy Production
U.S. crude oil fell more than 2% on Tuesday as President Donald Trump weighed imposing tariffs on key trade partners while vowing to boost domestic energy production. U.S. crude oil lost $1.99, or 2.56%, to close at $76.89 per barrel, while global benchmark Brent fell 86 cents, or 1.07%, to settle at $79.29 per barrel.
Trump’s remarks after his inauguration on Monday indicated that his administration is considering impose 25% tariffs on Canada and Mexico. Tariffs could potentially slow economic growth and impact fuel demand. In a separate move, the president issued a raft of executive actions aimed at boosting domestic fossil fuel production. He declared a national energy emergency, sought to roll back Biden-era restrictions on offshore drilling, and lifted the pause on new liquefied natural gas exports.