Oil Price Slump, Tariffs Hit Oilfield Services Sector

Oil prices dropped off a cliff last week after President Trump announced a barrage of tariffs on global trading partners, triggering panic in the trading world. The effect has now rippled across the energy industry, set to discourage production growth—and hurt oilfield service companies. The sector was already worrying about the steel and aluminum tariffs that President Trump introduced last month as part of his radical efforts to revive U.S. industries. The tariffs stand at a hefty 25% and apply to all steel and aluminum imports into the…