Major oil producers announced a bigger-than-expected output boost for May, even as Trump’s tariffs tank crude prices.

The baseline of 10% on all imports to the United States, and higher for many major trading partners, won't apply to crude oil, natural gas and refined products, the White House said on Wednesday.

Americans will bear the brunt of President Donald Trump’s new tariffs, with price increases kicking in almost immediately on cars, clothing, electronics and some groceries.