The BTA and unintended consequences
A proposed tax reform may reward US exporters—unless the dollar adjusts. But it would also disrupt international trade and be bearish for global oil prices
From opening new areas for drilling to accelerated pipeline permitting to scrapping regulations, there is no lack of speculation about what Donald Trump's energy agenda will mean for oil and gas. But the most consequential policy change on the horizon is not an energy one at all—it's rather a major overhaul of the US corporate tax code. Among the most controversial parts of the tax-reform package put forward by the House Republicans is the so-called border tax adjustment (BTA). This would effectively act as a charge on the US trade deficit by taxing imports and subsidising exports. Under the proposal, the corporate tax rate would be lowered from 35% to 20%, and the US would replace the curre
Also in this section
9 January 2026
OPEC+ remains on track as output falls, with only Gabon failing to hit its output targets in December, although Kazakhstan’s compliance was involuntary
9 January 2026
The Latin American producer’s crude prospects rely on a multi-pronged approach where even the relatively easy wins will take considerable time, effort and cost
9 January 2026
While many forecasters are reasserting the importance of oil and gas, petrostates should be under no illusion things are changing, and faster than they might think
8 January 2026
Indonesia and Malaysia are at the dawn of breathtaking digital capabilities. Their energy infrastructure must keep up with their ambitions
