An emerging trade war between the United States and China could drive U.S. crude exports lower in 2025 for the first time since the pandemic by reducing access to the Chinese market, according to analysts.

The tariffs have also provoked political tension, including retaliation from China, which responded to Trump's move with tariffs on US goods and an anti-monopoly probe of Google, among other measures. The speed with which China filed its complaint with the WTO is an indication of Beijing's readiness for the trade fight.

The world’s two largest economies did not cut a deal to avert sweeping U.S. tariffs, which came into effect after midnight. Beijing immediately retaliated.