Trump Trade: Oil price forecasts cut ahead of U.S. growth slowdown

Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly:

OIL PRICE FORECASTS: Goldman Sachs (GS) cut its oil price forecasts as tariffs reduce the outlook for U.S. growth, Yongchang Chin of Bloomberg reports. “The medium-term risks to our forecast remain to the downside given potential further tariff escalation and potentially longer OPEC+ production increases,” they said. Publicly traded companies in the space include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Shell (SHEL) and TotalEnergies (TTE).

STOCK MARKET PULLBACK: In an interview with NBC’s Meet The Press on Sunday, Treasury Secretary Scott Bessent said that the Trump administration is putting in policies to address affordability crisis and for inflation to moderate, and that corrections are healthy and normal. Further, he stated that the White House is bringing down budget deficits in a responsible way. April 2nd will be a big day with rollout of new tariffs and it will be important to see what happens from April 2nd to June 30th, Bessent adds. The Treasury Secretary says they are focused on affordability of mortgages and cars. With lower energy prices, Americans will realize greater affordability, he adds, saying that “if we kept up at prior spending levels, there would have been a financial crisis.”

WAR IN UKRAINE: U.S. President Donald Trump will speak with Russian President Vladimir Putin on Tuesday in a possible pivot point in efforts to end the war in Ukraine and an opportunity for Trump to continue reorienting American foreign policy, Associated Press’ Chris Megerian reports. Trump disclosed the upcoming conversation to reporters while flying from Florida to Washington on Air Force One on Sunday evening, while the Kremlin confirmed Putin’s participation on Monday morning.