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.

China's finance ministry said it would impose levies of 15% for U.S. coal and 10% for crude oil, farm equipment and some cars.