Trump's Trade Policies Impact Global Oil and Auto Markets; Russia's New Ambassador Arrives in US

Global oil prices increased following President Trump's threat of 25% tariffs on nations purchasing oil from Venezuela. Reliance Industries, India, will halt Venezuelan oil imports. Markets also assessed the impact of Trump's 25% tariffs on imported cars and trucks, potentially increasing car prices and impacting oil demand. A Dallas Fed survey showed concerns that Trump's tariffs on steel and aluminum could raise drilling and pipeline construction costs. Meanwhile, Russia's new ambassador to the U.S., Aleksandr Darciev, arrived in Washington amid discussions of improved relations between Presidents Putin and Trump, particularly regarding Ukraine. Darciev replaces Anatoli Antonov, who left in October 2024. Darciev previously served as Russia's ambassador to Canada and worked at the Russian embassy in Washington.