![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.](https://media.nbcsandiego.com/2025/01/108089410-17374230162025-01-21t012728z_996394652_rc21eca1huat_rtrmadp_0_usa-trump-inauguration.jpeg?quality=85&strip=all&resize=320%2C180)
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.
- President Donald 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.
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 lost $1.99, or 2.56%, to close at $76.89 per barrel, while global benchmark Brent fell 86 cents, or 1.07%, to settle at $79.29 per barrel.
Trump said after his inauguration Monday that his administration was considering imposing 25% tariffs on Canada and Mexico. Tariffs could potentially slow economic growth and impact fuel demand.
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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.