An emerging trade war between the United States and China could drive U.S. crude exports lower in 2025 for the first time since the pandemic by reducing access to the Chinese market, according to analysts.

Check back for updates throughout the trading dayU.S. equity futures extended declines in early Tuesday trading, matching downside moves for oil prices and the dollar, as markets reacted to the fast-changing dynamic on tariffs and the potential for a protracted trade war between the world's two biggest economies.

China's retaliatory tariffs on the United States may cause U.S. oil exports to decline in 2025 for the first time since the COVID-19 pandemic, after growth plateaued last year. Exports of U.S. crude have surged more than 10 times since it lifted a 40-year federal ban on the export of domestic oil in 2015.