US oil service firms set for hit from Trump tariffs, tumbling oil prices

The curtain appears to be falling on global trade as we knew it, and the immediate future is worryingly uncertain...The threat of recession is front of mind, and investors are retreating from risk assets such as oil and equities,

said Tamas Varga, analyst at PVM Oil Associates

Pipes, valve fittings, sucker rods are going to be impacted by tariffs, which will be felt by the big three in particular where they have multi-national sourcing strategies,

said Rystad Energy's vice president of supply chain research, Ryan Hassler

In the short-term, say two to three years, demand is going to be hit in export-based economies and if tariffs are imposed without further changes, the recovery in margins will be pushed out by six months to one year,

said Pankaj Srivastava, senior vice president at Rystad Energy, said

Those economies will be under pressure to lower utilisation rates at their plants and shut some of the existing loss-making assets,

he added

As we adjust to the new economic order, the FTC will be watching closely to make sure American companies are vigorously competing on prices. These necessary tariffs should not be interpreted as a green light for price fixing or any other unlawful behavior,

Ferguson said in a post on social media platform X

Taxpayers have been ripped off for more than 50 years. But it is not going to happen anymore.”

Trump, who has dubbed the announcement on April 2 as 'Liberation Day', said

Ngozi Okonjo-Iwealageneral

I’m deeply concerned about this decline and the potential for escalation into a tariff war with a cycle of retaliatory measures that lead to further declines in trade,

Ngozi Okonjo-Iweala said in a statement today

Many labels, which cannot be replaced by local production, will disappear from the tables of U.S. consumers, while a serious production and employment crisis is looming in Italy and Europe,

Federvini President Micaela Pallini said in a statement

Every single dollar raised — about $8 billion (before remission) — from these tariffs will go directly to our auto workers and the companies affected by these tariffs,

Carney said

Nobody wants a trade war and our intention remains to secure a deal,

said Reynolds

These massive tax hikes are slamming during the exact window U.S. industry has to set the global standard — risking innovation and ceding the market,

said Matt Mittelsteadt, a technology policy fellow at the Cato Institute

Donald Trumppresident

The tariffs are wrong and not in the interest of either party,

Meloni, a close ally of President Trump, said in a post on Facebook on Thursday

This is a game changer, not only for the U.S. economy but for the global economy,

Olu Sonola, head of U.S. economic research at Fitch Ratings, said in a note Wednesday evening

Manfred WeberePP leader

To our American friends, today isn’t liberation day — it’s resentment day. Donald Trump’s tariffs don’t defend fair trade; they attack it out of fear and hurt both sides of the Atlantic. Europe stands united, ready to defend its interests, and open to fair, firm talks.”

Manfred Weber, the president of the EPP, the European Parliament's largest party, said Wednesday

[American buyers] are completely reliant on our grass-fed beef and some of our high quality grain-finished beef to meet their requirements of their domestic consumers,

Garry Edwards, chair of industry body Cattle Australia, told Reuters

I wouldn’t want to be the last country that tries to negotiate a trade deal with @realDonaldTrump,

he wrote

I’m afraid feta will not find a way out of these tariffs this time,

said Christos Apostolopoulos, head of Greece’s association of dairy industries, according to Reuters

The so-called ‘reciprocal tariffs,’ based on the U.S.’s own subjective and unilateral assessments, violate international trade rules, severely harm the legitimate rights and interests of other parties, and represent a typical act of unilateral bullying,

the Chinese Commerce Ministry said in a statement

We are also going to attack services,

she said, including online services from Google, Apple, Facebook, Amazon and Microsoft

Yoshimasa Hayashichief cabinet secretary

We will promptly establish a special consultation service and provide support for cash management and fund procurement,

chief cabinet secretary Yoshimasa Hayashi told reporters in a regular news briefing