Trump may use tariffs on oil imports to protect U.S. energy jobs
President Donald Trump on Saturday said that, if needed, he will impose tariffs on oil imports in an effort to protect American energy companies and their thousands of employees.
"We're the number one producer in the world right now," Trump said before addressing Russia's pending agreement with Saudi Arabia and OPEC."I don't like it for a different reason, because it's going to hurt a lot of jobs in our country at this price. It's going to hurt a lot of jobs. Fracking technology in the United States to extract shale oil has flipped the country into a top producer of oil in the world. A new agreement between Russia-Saudi Arabia will drive the cost down, which could cripple America's energy sector.
That's when Trump stepped in Saturday to say a tariff would be imposed on that oil. Trump also took a swipe at OPEC, calling them a cartel and"illegal."
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