US President Donald Trump has vowed to impose tariffs of up to 25% on Canada and Mexico, while also boosting domestic fossil fuel production. The announcement comes as the president weighed in on key trade partners amid a slump in US crude oil prices.
On Tuesday, US crude oil fell by 2.56% to close at $76.89 per barrel, hit hard by Trump’s plans. Global benchmark Brent slipped 1.07% to settle at $79.29 per barrel. Tariffs on Canada and Mexico could slow economic growth and reduce fuel demand.
In a bid to boost domestic energy production, Trump issued several executive actions. These included declaring a national energy emergency, rolling back restrictions on offshore drilling, and lifting the pause on new liquified natural gas exports.
Source: https://www.cnbc.com/2025/01/21/crude-oil-prices-today-oil-down-as-trump-moves-on-trade-energy.html