U.S. crude oil falls more than 2% as Trump weighs tariffs, aims to boost energy production

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 more than 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 $1.89, or 2.4%, to $75.99 per barrel by 8:29 a.m. ET, while global benchmark Brent fell $1.30, or 1.6%, to $78.89 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.

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