Trump's Tariff Tactics: New Levies on Oil and Gas Expected

President Donald Trump announced plans to impose tariffs on oil and gas, effective around February 18. While he mentioned a potential reduction in tariffs on Canadian crude, specific countries affected by the new tariffs were not disclosed, and further details were not provided.

President Donald Trump revealed on Friday an upcoming decision by his administration to impose tariffs on the oil and gas industries. The tariffs are anticipated to take effect around February 18. Despite the announcement, Trump did not specify which countries would be targeted by these new levies.

During a briefing in the Oval Office, Trump mentioned that they are evaluating a lower tariff rate on Canadian crude oil, hinting at a possible reduction to 10%. However, full details of this plan remain undisclosed. He reiterated the administration's intentions as 'fairly soon', suggesting imminent policy changes.

This move is likely to impact international trade dynamics, yet the increased financial burden on oil and gas could have broader economic implications. Stakeholders await concrete details on how these measures will be implemented and their potential effects on global markets.

(With inputs from agencies.)