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Trump open to big oil tariffs, but doesn’t expect to need them

Published : Tuesday, 7 April, 2020 at 12:00 AM  Count : 101

WASHINGTON, April 6: US President Donald Trump said on Sunday he could slap "very substantial tariffs" on oil imports if prices stay low, but does not expect he will need to, since neither Russia nor Saudi Arabia, which are locked in an oil price war, would benefit from continued low prices.
When asked at a White House press briefing under what conditions he would impose the levies, Trump said, "If the oil price stays the way it is...I would do that, yeah, very substantial tariffs."
Oil prices have dropped by about two-thirds this year as the COVID-19 pandemic caused by the new coronavirus has hammered demand and as major producers Russia and Saudi Arabia boost output in a war over market share.    -Reuters





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