Oil markets remain highly volatile today (April 10), with benchmark Brent crude (June contract) rising by about $4 in the morning to settle at $65.02 (+0.70%), while WTI (May contract) is priced at $62.01 (+0.55%). Oil prices rose after U.S. President Donald Trump announced a 90-day suspension of additional reciprocal import tariffs imposed on a number of countries.

The Brent crude price remained within the $60–61 range yesterday and dropped by an average of about 2.53% compared to the previous closing price, reaching $61.230. At the same time, West Texas Intermediate (WTI) crude fell to $57.98 (-2.28%).

The 10% base tariffs that Trump imposed on around 160 countries and territories worldwide, including Tajikistan, Kyrgyzstan, Uzbekistan, and Kazakhstan, came into effect on April 5.

For the 27 countries that are not preferential trade partners of the U.S., higher tariffs exceeding 20% were established, set to come into effect on April 9 of this year. Almost all Central Asian countries on Trump's list are among the states subject to the minimum tariff (10%). This is due to the small volumes of exports from the region, primarily raw materials.

The only country subject to the higher tariff (though currently paused) is Kazakhstan (27%), as it is a relatively large trading partner of the U.S. among the countries in the region.

The list of countries subject to higher tariffs includes, in particular:

•  China – 125% (initially 84%, then 104%)

•  European Union – 20%

•  Japan – 24%

•  India – 26%

•  Vietnam – 46%

•  South Korea – 25%

•  Kazakhstan – 27%

On April 2, U.S. President Donald Trump announced the imposition of customs duties on products from 185 countries and territories. Russia, Belarus, North Korea, and Cuba were not included in the list. The White House explained this by the lack of trade with these countries.

Duty-free shipments can continue from countries that are part of various trade agreements with the U.S. These countries include: Canada, Mexico, Chile, the Dominican Republic, Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua.

There are goods whose import, regardless of the supplying country, will be subject to a zero customs duty rate.

Crude oil and energy resources belong to such products. The White House explains this exemption by the "high dependence of global energy and the strategic importance of this resource for the U.S."

In addition, certain industrial components and dual-use goods, such as microelectronics, are exempt from the "Trump tariffs."

Important components for the strategic industry of the U.S. include:

•         Semiconductors and microchips;

•         Lithium and rare earth metals (imported from allied countries);

•         Certain categories of solar panels and electric vehicle batteries – provided the rules of origin are met.

There may even be exemptions or preferential rates if it is proven that the product is critically important to the U.S. economy.