Donald Trump’s first week in office as U.S. president has brought major upheaval. And it looks like the new leader could be about to cause some massive shifts in the oil market.
That’s because of a proposed tax on U.S. imports — with big implications for crude flows coming into America.
President Trump and the Republican U.S. Congress have been discussing a potential new tax on all imports. Which has been quoted at 20% — a substantial burden on shipments entering America.
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That includes crude oil. A commodity where U.S. refiners still import some 10 million barrels daily.
Such a move would raise the cost for imported oil significantly. And push U.S. refiners to favor domestic crude supplies.