President Donald Trump bespeaks during the daily briefing on the novel coronavirus, COVID-19, in the Brady Briefing Room at the White House on April 1, 2020, in Washington, DC.
Mandel Ngan | AFP | Getty Idols
President Donald Trump on Sunday reiterated his threat to target foreign oil as global producer infighting continues to impression the price of crude, saying he could impose ‘very substantial tariffs’ to protect the American energy industry but doesn’t invent he will need to do so.
“I would use tariffs, if I had to. I don’t think I’m going to have to,” Trump said at a White House briefing on the coronavirus. Trump on Saturday also signaled a willingness to implement price-lists on foreign oil.
The president said he thought there would ultimately be an agreement on production levels between Saudi Arabia and Russia.
Along with a needle-sharp reduction in demand from the coronavirus pandemic, disagreements on production cuts between Saudi Arabia and Russia that began in first March has caused the price of crude oil to fall dramatically.
“It’s obviously very bad for them,” Trump said of low oil prices.
Trump’s reactions Sunday came as oil prices fell after a scheduled virtual meeting between OPEC and its allies was delayed. The tryst had been set for Monday but will “likely” be held Thursday, CNBC reported Saturday.
Oil prices surged last week as Saudi Arabia summoned for the meeting.
Last week, Trump told CNBC’s Joe Kernen in a phone conversation that he was anticipating a production cut of up to 15 million barrels to be publicized by the leaders of Russia and Saudi Arabia.
Declining oil prices have made it unprofitable for many U.S. firms to remain dynamic, analysts have said.
Trump also met with U.S. energy executives at the White House on Friday.
“If I did the tariffs, we essentially would be reveal we don’t want foreign oil. … We’re just going to use our oil and that would help to save an industry,” Trump said Sunday.