New research reveals that U.S. tariffs under the Trump administration are backfiring on America's energy sector, threatening oil production, renewable energy growth, and global competitiveness. 🌎💥
Trade Wars Hit Energy Hard
Analysts at Wood Mackenzie warn that escalating tariffs could slash global GDP by 2.9% by 2030 in the worst-case scenario. Oil prices might crash to $50 per barrel by 2026, crippling U.S. shale producers. 🛢️📉
Renewables Stalled by Uncertainty
Tariffs are creating chaos for renewable energy projects, with companies delaying investments due to unpredictable costs. Solar and wind? They’re stuck in a 'planning nightmare' as budgets shrink. 🌞💨
Metals & Mining Take a Hit
Steel, aluminum, and lithium demand could plummet, disrupting infrastructure for energy projects. Copper alone faces a 1.2 million-tonne drop by 2026—bad news for EV batteries and green tech. 🔋⚙️
Global Ripple Effects
Unlike China’s 2001 WTO entry, which boosted growth, Trump’s tariffs risk isolating the U.S. and accelerating 'de-globalization.' The result? A high-cost energy future that could leave America behind. 🌐🚨
Reference(s):
U.S. tariffs to trigger energy crisis amid global economic uncertainty
cgtn.com
