Energy traders are celebrating tariffs as a tailwind for domestic production and margin defense. But (https://www.cnbc.com/2026/09/03/china-g20-exports-trade.html) on export-driven growth while pushback on US sanctions is intensifying — which means the real-economy cost of tariffs (equipment, steel, labor) will rise faster than energy input costs move. CVX posted net margin last year; SHEL sits at .

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