Trump Announces New Tariffs, Escalating Global Trade Tensions and Oil Market Uncertainty

The U.S. president imposes trade barriers on key partners, threatens secondary tariffs on Russian and Iranian oil, and faces mixed oil market reactions.

• President Donald Trump unveiled new tariffs on trading partners, including the European Union, China, and South Korea, raising fears of a deepening global trade war.
• Trump reiterated threats of secondary tariffs on buyers of Russian oil and ramped up sanctions on Iran as part of his 'maximum pressure' campaign targeting their oil exports.
• Oil prices initially rose but turned negative after the tariff announcement, reflecting concerns over reduced global crude demand and economic growth.
• Russia imposed further restrictions on key oil export routes, including the Black Sea and Caspian Pipeline, adding to global supply uncertainties.
• U.S. crude inventories rose by 6 million barrels last week, according to the American Petroleum Institute, contributing to a complex supply-demand outlook.

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