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U.S. President Donald Trump signs documents while issuing executive orders in the Oval Office of the White House on Inauguration Day in Washington, U.S., Jan. 20, 2025.
Carlos Barria | Reuters
US crude oil fell more than 2% on Tuesday, as President donald trump It is considering imposing tariffs on key trading partners while promising to boost domestic energy production.
American crude oil Oil was down $1.89, or 2.4%, at $75.99 a barrel at 8:29 a.m. ET, while the global benchmark Brent fell $1.30, or 1.6%, to $78.89 a barrel.
Trump said after his inauguration on Monday that his administration was considering impose 25% tariffs about Canada and Mexico. The president also issued a series of executive actions aimed at boosting domestic fossil fuel production.
Trump declared a national energy emergencysought to roll back Biden-era restrictions on offshore drilling and lifted the pause on new liquefied natural gas exports.
