Trump suspended tariffs for Mexico and Canada

Oil prices declined on Tuesday after US President Donald Trump announced that the tariffs applied to Canada and Mexico were suspended for a month…

International indicator Brent crude oil fell 0.6 %per $ 75,17 per barrel at 10.18 (0718 GMT) at local time at the closing of the previous session.

The US indicator West Texas Intermediate (WTI) fell by 0.9 %to $ 71.77 per barrel compared to the previous session closure to $ 72.48.

Trump, 25 percent of imports from Canada and Mexico as of February 1 percent, 10 percent of imports from China brought customs duty.

On Monday, Trump and Mexican President Claudia Sheinbaum talked on the phone, and then Trump announced that they both agreed on measures to increase border security.

Following the telephone conversation, Trump announced that Mexico has suspended the 25 percent customs duties on imports from Mexico in exchange for increasing border security efforts.

Trump, Canadian Prime Minister Justin Trudeau after his meeting with Canada customs duties for 30 days announced that the customs duties will be suspended.

Trump said he agreed to ensure that Canada has a safe northern border of the United States and to end the flow of fatal drugs such as Fentanil.

Meanwhile, the OPEC+ group decided not to change its supply plans at its meeting on Monday. As of April, the group will continue to increase the supply of 120,000 barrels per month.

The expectations that the group will gradually increase oil production in the future have relieved the supply concerns between market players and created downward pressure on prices.

By: Zeynep Beyza Kılıç