HOUSTON, U.S./TOKYO — U.S. President Donald Trump’s tariff policy has pushed down oil prices below the point of profitability for many new projects, which could put more pressure on trading partners like Japan to buy a commodity that the president has pledged to support.
During his presidential campaign, Trump vowed to “drill, baby, drill” — ramp up oil output to push down gasoline prices. He won support from the energy industry, which chafed under restrictions on fossil fuel drilling imposed by President Joe Biden’s administration.
