President Trump announced 25% tariffs on Canadian and Mexican imports, effective Saturday, but is still deciding whether to include oil. The tariffs, aimed at curbing illegal immigration and fentanyl smuggling, could impact consumer gasoline prices and inflation. Trump pledged to cut energy prices in half during his first year, a campaign promise that resonates with voters concerned about rising fuel costs. The decision on oil tariffs could have significant economic consequences for the US and its trading partners.
The president said he was still considering whether oil would be included in the tariffs as he seeks to keep a promise to cut energy prices in half over his first year.said his 25% tariffs on Canada and Mexico are coming on Saturday, but he’s still considering whether to include oil from those countries as part of his import taxes.
The United States imported almost 4.6 million barrels of oil daily from Canada in October and 563,000 barrels from Mexico, according to the Energy Information Administration. U.S. daily production during that month averaged nearly 13.5 million barrels a day. “This is a lose-lose,” Holmes said."We will keep working with partners to show President Trump and Americans that this doesn’t make life any more affordable. It makes life more expensive and sends our integrated businesses scrambling.”
Oil prices were trading at roughly $73 a barrel on Thursday afternoon. Prices spiked in June 2022 under President Joe Biden to more than $120 per barrel, a period that overlapped with overall inflation hitting a four-decade high that fueled a broader sense of public dissatisfaction with the Democratic administration.
TRUMP TARIFFS CANADA MEXICO OIL ENERGY PRICES INFLATION
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