Since our last edition, the new administration has continued to introduce high-profile moves on both trade and energy policy. On 2 April, President Trump introduced the "Liberation Day" tariff package, imposing a blanket 10% tariff on all imports, with additional duties targeting specific countries, including Taiwan, India, Japan, the EU, and China. This sparked immediate reactions from both global trade partners and the markets. Since then, the administration has scaled back tariffs on all countries but remains firm on increased tariffs for imported Chinese goods.

These recent changes have brought with them market uncertainty and a host of questions surrounding the short, mid and long-term impact of these decrees. Our second edition of 'Trump and Energy' focuses on:

• Tariffs and the ensuing uncertainty
• China's response and other countries' negotiations
• Continued domestic fossil fuel prioritization

This is a condensed version of the full report, which is available to our clients on the Rystad Energy Client Portal.