Oil prices remain elevated following Trump's February military action against Iran, but have not reached worst-case projections due partly to China's massive strategic petroleum reserve of 1.4 billion barrels, which enabled Beijing to cut crude imports and reduce global demand pressure. China's energy strategy and shift toward electric vehicles have helped stabilize global oil markets, though new disruptions from Iranian-backed militias and Houthi attacks on shipping routes pose continued risks.
President Trump has proposed ending trade relations with 95 countries to generate $1.5 trillion annually and reduce the deficit, but economists warn this would trigger a severe recession and worsen fiscal problems. Trade analysts and economists across the political spectrum dismiss the claim as economically unfounded, since trade deficits do not translate to government revenue and are driven by private transactions between individuals and companies.