President Trump announced 25% tariffs on goods from Canada and Mexico, starting in February. The inclusion of oil in the tariffs remains undecided and will depend on the pricing and treatment of the U.S. by both countries.
U.S. President Donald Trump announced on Thursday that he would impose 25% tariffs on imports from Canada and Mexico, starting in February, fulfilling a long-standing threat. While he confirmed the tariffs on goods, he remained undecided about whether oil imports would be subject to the same duties. Trump stated that the inclusion of oil in the tariffs would depend on how Mexico and Canada treated the United States, particularly regarding oil pricing.
'Oil is going to have nothing to do with it as far as I'm concerned,' Trump asserted. 'We're going to make that determination probably tonight on oil. Because they send us oil, we'll see – it depends on what their price is.' Trump explained that these tariffs were being implemented for multiple reasons. He cited the influx of immigrants into the United States, the flow of illicit drugs such as fentanyl, and the substantial trade deficits the U.S. faces with both Canada and Mexico. 'I'll be putting the tariff of 25% on Canada and separately 25% on Mexico, and we'll really have to do that because we have very big deficits with those countries,' he stated. Representatives from the Mexican and Canadian governments were unavailable for immediate comment. However, both countries have previously indicated their preparedness to retaliate against U.S. tariffs with countermeasures. Canada's International Trade Minister, Mary Ng, emphasized that 'everything is on the table' when considering potential responses, including the imposition of export taxes on energy shipments to the United States. She argued that imposing tariffs on Canada would ultimately increase costs for American consumers.
TRADE WAR TARIFFS MEXICO CANADA DONALD TRUMP OIL
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