Donald Trump weighs oil tariffs on Canada and Mexico: What it means for you
1 month, 3 weeks ago

Donald Trump weighs oil tariffs on Canada and Mexico: What it means for you

India Today  

President Donald Trump has confirmed that his 25% tariffs on Canada and Mexico will take effect on Saturday. Decision soon “We may or may not,” Trump said on Thursday in the Oval Office, noting that a final decision on oil tariffs could come later that night. He has repeatedly promised to slash energy costs, even pledging at a 2024 town hall in Pennsylvania: “One year from Jan. 20, we will have your energy prices cut in half all over the country.” However, economic experts warn that tariffs could push gas prices higher, contradicting his campaign promise. “It makes life more expensive and sends our integrated businesses scrambling.” Trump dismisses economic concerns Despite concerns that tariffs could drive up inflation, Trump said: “We don’t need the products that they have,” he said. “We have all the oil you need.” Currently, Oil prices are hovering around $73 per barrel, lower than the $120 per barrel peak in mid-2022 under President Joe Biden, when inflation hit a four-decade high.

History of this topic

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