President Trump said he would place tariffs on oil to revive the industry inside the United States.
Saudi Arabia and Russia have flooded the global oil market, driving prices down and making oil production unprofitable for many domestic suppliers. The two petro-states launched into the trade war after Russia prematurely pulled out of an agreement between the two countries to limit oil production.
Trump weighed in on the trade dispute in a Sunday press conference, which called to give an update on the coronavirus. The president said he would consider placing tariffs on foreign oil to revive the industry in the U.S. unless Russia and Saudi Arabia reach a resolution.
“We want to save a great industry. We built a great industry in this country. If they don’t get along, I would do that,” Trump said, referring to placing tariffs on foreign oil. “I would do tariffs, very substantial tariffs because we’re independent now. We have our own oil.”
