Trump’s tariff plan: implications for the future of global liquids trade

Former President Trump has said he intends to impose a 10% trade tariff on all imports, with an additional rate of 60% for Chinese imports. This move would likely trigger slower economic growth both in the U.S. and globally, reducing demand for liquid fuels, driving down oil prices, and ultimately affecting the refining industry.

We cover the likely impact of former President Trump’s tariff plan and more in our latest report, Assessing the likely impact of Trump’s tariff plan on oil.

Within this report, we reveal tariffs would lower global economic growth by 0.5 percentage points to 2.5% in 2025, and by 0.8 percentage points to 2.0% growth in 2026. We also explore key topics essential for investors and the implications of the tariff policy.

Our experts give insight into:

• Key assumptions for this more protectionist US trade policy
• The effect of the planned tariffs on global and US economic growth in 2025 and 2026
• Our assessment of what it means for global liquids demand
• What does the lower demand mean for the oil price and OPEC+?
• The likely impact on the refining sector

To find out more, download your free copy of our report, Assessing the likely impact of Trump’s tariff plan on oil, by filling out the form at the top of this page.