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Trump Steps Up Oil Tariff Threat Amid Saudi-Russia Rift

  • OPEC+ meeting delayed from Monday until later next week
  • Trump says will impose tariffs if needed to protect oil jobs
Caspian Pipeline Consortium (CPC) crude oil storage facility in Russia's Krasnodar Territory

Photographer: Vitaly Timkiv\TASS via Getty Images)

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President Donald Trump ramped up threats to use tariffs to protect the U.S. energy industry from a historic glut of oil, as efforts to forge a global deal to cut output appeared to lose momentum.

Trump said Saturday at a White House press briefing he’d use tariffs if needed to protect the domestic oil industry, even as he predicted that Saudi Arabia and Russia would come to an agreement to cut output and stem the rout in prices.