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.