Trump to 'stand firm' on tariffs as markets crash

Market: Coal, Crude oil, Emissions, Fertilizers, Metals, Natural gas, Oil products
03/04/25

President Donald Trump does not intend to back down from his plan for sweeping import tariffs that have already caused a sell-off in global equity markets and some commodities, administration officials say.

The tariffs — which will start at 10pc for most imports on 5 April before steeper country-specific tariffs take effect on 9 April, with exceptions for some energy and mineral imports — have caused key stock indexes to drop by as much as 5pc, with even larger declines in crude futures, as investors brace for lower growth and a higher chance of a recession. Trump earlier today defended the tariffs, as he prepared to leave the White House for a dinner tonight at a golf tournament at one of his resorts in Florida.

"THE OPERATION IS OVER! THE PATIENT LIVED, AND IS HEALING," Trump wrote in a social media post before major stock markets opened.

Trump's cabinet has downplayed the short-term price effect of the tariffs, which they say will boost economic growth in the US and cause a resurgence in domestic manufacturing. US commerce secretary Howard Lutnick said he does not think there is "any chance" that Trump will rescind the tariffs, and said Trump will only begin to work on new trade deals once a country has "really, really changed their ways" on trade practices.

"Trump is going to stand firm because he is reordering global trade," Lutnick said today in an interview with CNN. "Make no mistake about it, America has been exploited, and he is done allowing America to be exploited."

Other administration officials have suggested a greater potential for lower tariffs in the near-term. US treasury secretary Scott Bessent has encouraged world leaders to "take a deep breath" and not to "panic" because the tariff rates that Trump announced were a "ceiling" that might come down, so long as there was no retaliation.

"Don't immediately retaliate, let's see where this goes, because if you retaliate, that's how we get escalation," Bessent said on 2 April during interview on Fox News.

The tariffs have caused bipartisan backlash on Capitol Hill, but so far legislative action has been symbolic and unlikely to become law. The US Senate, in a bipartisan vote on 2 April, approved a joint resolution that would end the justification Trump has used to put tariffs on Canada. US senators Chuck Grassley (R-Iowa) and Maria Cantwell (D-Washington) introduced a bill today to eliminate most new presidential tariffs after 60 days without approval by the US Congress. Democrats say the tariffs will force consumers to pay far more on everyday goods, with revenue offsetting Republican plans to provide more than $5 trillion in tax cuts.

"Donald Trump is using tariffs in the dumbest way imaginable. In fact, Donald Trump slapped tariffs on penguins and not on Putin," US Senate minority leader Chuck Schumer (D-New York) said today, in reference to Trump's decision to put a 10pc tariff on an island populated only with penguins.

Trump has claimed his country-specific tariffs are "reciprocal" even though they have no relation to the tariffs each country charges on US imports. Instead, Trump's tariffs were calculated based on a universal equation that is set at half of the country's trade deficit with the US, divided by the country's imports from the US, with a minimum tariff rate of 10pc.

Major US trading partners are preparing for retaliatory tariffs. Canada's prime minister Mark Carney said he would respond to Trump's tariffs on automobiles, which took effect today, by "matching the US approach" and imposing a 25pc tariff on auto imports that do not comply with the US-Mexico-Canada free trade agreement. China said it was preparing unspecified countermeasures to US tariffs that would be set at 54pc.

Trump's cabinet today dismissed the market reaction to the tariffs. Stock markets are going through a "short-term adjustment" but the tariffs will ultimately result in more growth and additional investments, US Small Business Administration administrator Kelly Loeffler said today in an interview on Fox News

"The gravy train is over for the globalist elites," said Loeffler, who previously was a top executive at US exchange operator ICE.

By Chris Knight

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08/04/25

US faults EU carbon fee during tariff fight

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Mexican peso weakens on US tariff fears

08/04/25

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08/04/25

Mexican peso weakens on US tariff fears

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Kazakhstan continues to massively exceed Opec+ target

08/04/25

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08/04/25

Kazakhstan continues to massively exceed Opec+ target

London, 8 April (Argus) — Kazakhstan does not expect any major reduction in crude output in April after massively exceeding its Opec+ target in March. Kazakhstan's crude production rose by 43,000 b/d to a record 1.79mn b/d in March, deputy energy minister Alibek Zhamauov said today, putting it 322,000 b/d above its Opec+ target of 1.468mn b/d. He added that Kazakhstan has not yet been able to agree with international oil companies operating the country's largest fields about reducing output. Kazakh production has surged following a major output increase at the Chevron-led Tengiz field in January — part of the field's future growth project (FGP). Zhamauov said that there has not yet been any agreement on reducing Tengiz output as it "is a very challenging action, especially for Chevron [which] spent $50bn on the FGP project [and] told us it's not possible for them to reduce output". Tengiz production hit 901,000 b/d in March, Zhamauov said, compared to previous levels of 600,000-660,000 b/d. Kazakhstan's second-largest oil field, Kashagan, which is also operated by international firms, produced 387,000 b/d in March, he said. Neither are expected to reduce output in April, he added. Zhamauov said that Kazakhstan will try to reduce output from smaller fields operated by domestic producers such as state-controlled Kazmunaigaz. But any decrease from these fields will not be enough to offset the rise from Tengiz. Kazakhstan remains one of the Opec+ alliance's largest overproducers, despite repeatedly pledging to compensate for exceeding its target since January 2024. This has frustrated other Opec+ members, which have largely stuck to their production targets. Kazakhstan's compensation plan states its March production should have been 1.43mn b/d. Kazakhstan's continued overproduction is understood to have contributed towards the decision by Opec+ members to start increasing output from April . Zhamauov said that Kazakhstan's crude production and exports have not been impacted by the closure of two single-point moorings (SPMs) at the Caspian Pipeline Consortium (CPC) terminal on Russia's Black Sea coast late last month. Kazakhstan's crude exports were 1.41mn b/d in March, up from 1.39mn b/d in February, while refinery runs were 370,000 b/d, up by 22,000 b/d, Zhamauov said. Condensate production was 290,000 b/d, compared to 278,000 b/d in February. This brings Kazakhstan's total liquids production in March to 2.08mn b/d. By Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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US tariffs set to rise despite Trump talk of deals

08/04/25

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08/04/25

US tariffs set to rise despite Trump talk of deals

Washington, 8 April (Argus) — Punitive taxes on imports from key US trading partners are set to rise on Wednesday despite President Donald Trump's claims of multiple trade deals in the making. Trump's 10pc baseline tariff on imports nearly every foreign country already went into effect on 5 April. The higher, "reciprocal" taxes will go into effect as scheduled, at 12:01am ET on 9 April, US trade representative Jamieson Greer told the Senate Finance Committee today. Trump, via his social media platform, said today he discussed a possible trade deal with South Korea and added that "we are likewise dealing with many other countries, all of whom want to make a deal with the United States." Greer told the Senate panel that more than 50 countries have reached out to the US to negotiate trade deals. Treasury secretary Scott Bessent separately claimed that more than 70 countries are interested in a trade deal with the US. Both Democratic and Republican senators on the Senate panel pressed Greer to explain whether negotiations would result in lowering tariff rates. But Greer outlined a process that he expects would lower foreign countries' tariff rates on US products and commit them to buy more US energy and other products. "There are things we can do with our trading partners, things that aren't always purely in the trade sector," Greer said. Possible subjects for trade negotiations could involve "export controls alignment or investment screening, alignment on energy, making sure that our partners are tied up with us with respect to LNG and other resources, as opposed to being dependent on other countries." The US is primarily looking to reduce trade deficits with those countries, Greer said. "What we have told them is, 'if you have a better idea to achieve reciprocity and to get our trade deficit down, we want to talk to you.'" Trump, in turn, suggested that a possible deal with South Korea could include "large scale purchase of US LNG" and "their joint venture in an Alaska Pipeline". The latter is a reference to the planned 20mn t/yr Alaska LNG project, which would be the most expensive liquefaction facilities ever built in the US if it becomes a reality. Trump has talked up potential support for Alaska LNG from Japan, South Korea and Taiwan for months. But the three countries still became subject to high tariffs. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Libyan crude exports to rise 6pc in April

08/04/25

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08/04/25

Libyan crude exports to rise 6pc in April

London, 8 April (Argus) — Libyan crude exports are scheduled to rise by 6pc on the month in April, according to loading programmes. Final April loading schedules for all 12 of the country's crude grades show total exports at 1.23mn b/d this month, around 65,000 b/d higher than the March programme . Loadings of Libya's flagship crude, medium sweet Es Sider, are scheduled to fall by 7pc on the month to 347,000 b/d across 16 cargoes. But exports of all the other grades are scheduled to rise, including a 53pc increase in combined loadings of Sarir and Mesla. April exports of light sweet Esharara, Libya's second-largest export grade, are set at 210,000 b/d across 10 cargoes, up by 3pc compared with the March plan. By Ellanee Kruck Libyan crude exports 000 b/d Grade Loading port April March ±% Es Sider Es Sider 347 374 -7 Esharara Zawia 210 203 3 Sarir/Mesla Hariga 200 131 53 Amna/Sirtica Ras Lanuf 140 135 4 Mellitah Blend Mellitah 100 97 3 Bu Attifel/Zueitina Zueitina 93 90 3 Brega Brega 100 97 3 Al Jurf Farwah 20 19 5 Bouri Bouri 20 19 5 Total 1,230 1,165 6 Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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