05:08 AM EST, 01/21/2025 (MT Newswires) -- Crude oil prices fell early on Tuesday as investors digested U.S. President Donald Trump's tariff plans, which would start later than previously expected.

Brent crude lost 0.8% to US$79.53 per barrel and West Texas Intermediate crude fell 1.6% to US$76.65/b at last look.

Instead of on his first day of office as Trump had promised, the president now says the 25% tariffs on imports from Canada and Mexico could be implemented on Feb. 1. Duties on Canadian crude could still eventually drive the market higher, Reuters said in a Tuesday report as nearly all of Canada's oil exports go to the U.S. and typically sell at a discount to WTI.

Traders will also contemplate Trump's potential tariff increase on China, which could result in caution in oil markets amid China's prevailing weak economic conditions, the report said, citing analysts.