The Trump administration is exempting a number of energy-related items from its sweeping list of tariffs on imports, but that did not stop oil markets from crumbling early Thursday in response to the president’s tariff announcement.
Imports of liquefied natural gas, crude oil from Canada, electricity and materials needed for making petrochemicals are all exempt, according to a list the White House made available Thursday.
The oil industry cheered the exemptions, though they were not enough to offset a general fall in commodity and company share prices as the market reacted to the tariffs.
The exemption for “oil from bituminous minerals” would apply to crude from the oil sands in Canada, the largest foreign supplier of oil to the United States.
