Energy products are the U.S.’s biggest exports and among its biggest imports, putting them in the front lines of a potential trade war.

Oil prices steadied on Wednesday after falling in the previous session on concerns new U.S. tariffs set to be unveiled later in the day may deepen a global trade war that could limit crude demand. Brent futures were down 2 cents to $74.

Oil prices steadied early Wednesday following a slight dip in the previous session, as investors awaited the announcement of new U.S. tariffs that could escalate global trade tensions and impact crude demand.

US President Trump is expected to announce reciprocal tariffs on Wednesday—dubbed “Liberation Day”—which he says will apply to all countries - Anadolu Ajansı

Oil markets strengthened to start the week, but expectations that energy demand will take a hit from President Donald Trump’s planned rollout of reciprocal tariffs this Wednesday signal an upcoming “beeline south” for prices,