U.S. President Donald Trump signs documents as he issues executive orders in the Oval Office at the White House on Inauguration Day in Washington, U.S., Jan. 20, 2025.
Carlos Barria | Reuters
U.S. crude oil fell nearly 2% on Tuesday, as President Donald Trump weighs imposing tariffs on key trade partners while vowing to boost domestic energy production.
U.S. crude oil was down $1.47, or 1.89%, to $76.41 per barrel by 12:06 p.m. ET, while global benchmark Brent fell 78 cents, or 0.97%, to $79.37 per barrel.
Trump said after his inauguration Monday that his administration was considering imposing 25% tariffs on Canada and Mexico. The president also issued a raft of executive actions aimed at boosting domestic fossil fuel production.
Trump declared a national energy emergency, sought to roll back Biden-era restrictions on offshore drilling, and lifted the pause on new liquified natural gas exports.
