China's retaliatory tariffs on the United States may cause U.S. oil exports to decline in 2025 for the first time since the COVID-19 pandemic, after growth plateaued last year. Exports of U.S. crude have surged more than 10 times since it lifted a 40-year federal ban on the export of domestic oil in 2015.

The world’s two largest economies did not cut a deal to avert sweeping U.S. tariffs, which came into effect after midnight. Beijing immediately retaliated.