WTI remains on the defensive near $73.00 amid US tariff concerns

• WTI price edges lower to around $73.00 in Tuesday's early Asian session.
• Trump tariff threats and concerns over energy demand drag the WTI price lower. 
• The Fed rate decision will be the highlight later on Wednesday. 

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $73.00 on Tuesday. The WTI price remains on the defensive amid the uncertainty surrounding US President Donald Trump's tariff plans and weak economic data from China. 

Trump rattled markets by imposing tariffs on Colombia over the weekend before halting the action when the country agreed to his terms. He has also threatened actions against China, Canada, Mexico, and the European Union. In addition, Trump said that he would push Saudi Arabia and OPEC to lower oil prices. Uncertainty over how Trump's proposed tariffs and energy policies could undermine the WTI price in the near term. 

"Crude prices were volatile and came under pressure as the market reacted to the latest developments in U.S. trade policy. Although the tariffs the Trump administration threatened to apply on Colombia were short-lived, similar trade actions could cause ripples across global markets," noted Analyst David Eng. 

Furthermore, Chinese startup DeepSeek surpassed ChatGPT as the most popular free app on Apple's App Store in the United States. This low-cost artificial intelligence (AI) model prompted concerns over energy demand to power data centers.

The US Federal Reserve (Fed) interest rate decision on Wednesday will be in the spotlight. The US central bank is expected to keep interest rates on hold at its January meeting amid broad uncertainty. Oil traders will closely monitor the Press Conference for guidance about the Fed's outlook. A hawkish stance of the Fed could weigh on economic growth and WTI demand expectations. On the other hand, dovish approach could provide some support to the black gold.