CNBC reports that President Donald Trump on Sunday reiterated his threat to target foreign oil as global producer infighting continues to impact the price of crude, saying he could impose 'very substantial tariffs' to protect the American energy industry but doesn't think he will need to do so.

"I would use tariffs, if I had to. I don't think I'm going to have to," Trump said at a White House briefing on the coronavirus. Trump on Saturday also signaled a willingness to implement tariffs on foreign oil.

The president said he thought there would ultimately be an agreement on production levels between Saudi Arabia and Russia.

Along with a sharp reduction in demand from the coronavirus pandemic, disagreements on production cuts between Saudi Arabia and Russia that began in early March has caused the price of crude oil to fall dramatically. "It's obviously very bad for them," Trump said of low oil prices.

Last week, Trump told that he was anticipating a production cut of up to 15 million barrels to be announced by the leaders of Russia and Saudi Arabia.