His tariff talk, which started before the inauguration, has already had an impact on some oil stocks. Canada is the largest foreign source of U.S. crude, accounting for 60% of U.S. imports since 2020,

U.S. President Donald Trumpon Tuesday vowed to hit the European Union with tariffs and said his administration was discussing a 10% punitive duty on Chinese imports because fentanyl is being sent from China to the U.

Iron ore and most base metals fell after US President Donald Trump said that he could hit China with 10% tariffs on all imports, suggesting Feb. 1 as the possible start date.