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Pakistan is considering importing crude oil from the United States for the first time to offset a trade imbalance that triggered higher U.S. tariffs, according to a government source directly involved with the proposal and a refinery executive. Countries are scrambling to find ways to lower their U.S. tariff burdens, including buying more U.S. oil and gas, as President Donald Trump's sweeping import duties rattle economies and markets. Trump has imposed a 10% baseline tariff on all imports to the U.S. and higher duties on dozens of other countries.

NAIROBI/LAGOS (Reuters) -A steep drop in crude oil prices largely due to U.S. President Donald Trump's tariffs will squeeze budgets of emerging market oil exporters, analysts said, while the potential economic slowdown could also curb any benefits for importers. Concerns about the impact of a tit-for-tat trade war on global growth and demand for oil sent Brent crude prices plummeting by more than 20% within a week to a four-year low after Trump announced his sweeping tariffs on April 2. Turkey, India, Pakistan, Morocco and much of emerging Europe relying on oil imports are set to see some benefits from lower prices of crude.

"The specific place that the economy will land depends critically on the details of where policy lands," Bostic said, speaking at Emory University. Tariffs are likely to push up on prices, Bostic said, meaning that it will take longer than he had earlier thought, perhaps until 2027, to get inflation back down to the Fed's 2% goal. Bostic did not say whether he still believes the Fed will cut interest rates once this year, the view he had expressed in  March.

Federal Reserve Bank of Philadelphia President Patrick Harker did not comment on the economy and monetary policy in a speech text on Monday. The official instead used prepared comments to a student group to explain the Fed's structure and how it makes policy decisions.

US oil producers face challenges maintaining margins with WTI crude prices hovering around $60 per barrel due to corporate costs and trade policy impacts.

HSBC revised down its Brent crude oil price forecasts for 2025 and 2026, following the announcement of tariffs by U.S. President Donald Trump and the decision by OPEC+ to increase production, the bank said in a note on Tuesday. The bank's forecast for 2025 has been reduced to $68.5 per barrel, down from the previous estimate of $73/bbl. Its 2026 prediction has also been lowered to $65/bbl, compared to the earlier estimate of $70/bbl.

The bank cut its 2025 Brent price forecast to $66 per barrel from $73 and its 2026 target to $58 from $61. It lowered the 2025 WTI price outlook to $62 per barrel from $69 and the 2026 view to $53 from $57. Brent crude futures were trading around $65 on Monday, and U.S. West Texas Intermediate crude futures were around $61.