U.S. oilfield service provider Baker Hughes on Wednesday forecast steeper drops in spending by global oil producers as tariffs dent demand expectations and push down prices for crude.

Baker Hughes (BRK) -4.7% in Wednesday's trading after beating estimates for Q1 adjusted earnings but flagging a potential impact of $100M-$200M on its annual core profit due to tariffs. Q1 net income fell to $402M,

Baker Hughes expresses caution about its financial outlook due to macroeconomic and trade policy uncertainty, reporting a decline in profits and estimating a potential tariff impact.