Chevron Corp. will reduce share buybacks this quarter after oil prices tumbled, indicating that President Donald Trump’s trade war is hurting a key US industry he pledged to help.

Chevron and Exxon reported a drop in quarterly profits on Friday on the back of falling oil prices and weak refining margins, as the oil industry braces for its toughest year since the pandemic. Chevron said net income fell by just over a third to $3.

Exxon Mobil’s first quarter profit slumped to the lowest level in years, stung by weaker crude prices and higher costs. The oil and gas giant earned $7.71 billion, or $1.76 per share, for the three months ended March 31.