President Donald Trump's protectionist trade policies threaten to slow global economic growth and dampen oil demand, OPEC warned Wednesday.
The potential fallout from Trump's recently announced tariffs on steel and aluminum imports is one of several headwinds the 14-nation oil cartel identified in its monthly oil market report. The others include rising interest rates and several countries reaching their growth limit.
Trump's tariffs have sparked fears of trade wars and a slowdown in international commerce, as countries around the world threaten retaliatory taxes on U.S. goods.
According to OPEC, "the most recent trade-related developments may provide challenges to the growth momentum as global trade has been an important factor contributing to the world economy."