As Trump contemplates tariffs, U.S. crude oil experiences a decline of over 2%.
- After his inauguration on Monday, President Donald Trump stated that his administration was contemplating imposing 25% tariffs on both Canada and Mexico.
- The president took several executive actions to increase domestic fossil fuel production.
On Tuesday, U.S. crude oil experienced a decline of over 2%, coinciding with President Trump's consideration of imposing tariffs on significant trade partners and his pledge to increase domestic energy production.
The price of oil decreased by 2.4% to $75.99 per barrel, while the global benchmark fell by 1.6% to $78.89 per barrel at 8:29 a.m. ET.
On Monday, during his inauguration, Trump announced that his administration was considering imposing 25% tariffs on Canada and Mexico. Additionally, the president issued a series of executive actions aimed at increasing domestic fossil fuel production.
Trump declared a national energy emergency, sought to increase offshore drilling, and lifted the pause on new liquified natural gas exports.
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