US Pres. Trump: If oil price stays the way it is he would do very substantial tariffs

Dhwani Mehta FXStreet

While addressing the Task Force briefing on coronavirus, US President Trump stole a moment to comment on oil prices.

He said that if the oil price stays the way it is, then he would do very substantial tariffs.

However, he was quick to add that he does not think he will need to use tariffs in oil fight.

On Saturday, President Trump said he would impose tariffs on crude imports if he has to "protect" US energy workers from the oil price crash that has been exacerbated by a war between Russia and Saudi Arabia over market share.

Oil price-reaction

Both crude benchmarks stalled its tepid bounce on the above comments, with WTI falling back below 26.00, down 8.50% on the day.

WTI downed 10% at Asia open as OPEC+ meeting pushed backed

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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