Trump Announces Tariffs on Canada and Mexico, Considers Oil Taxation

 

Trump Announces Tariffs on Canada and Mexico, Considers Oil Taxation

  

WASHINGTON (AP) – President Donald Trump confirmed on Thursday that the 25% tariffs on imports from Canada and Mexico will take effect on Saturday. However, he remains undecided on whether to include oil imports from these two nations as part of the trade measures.  

Speaking to reporters in the Oval Office, Trump stated, *“We may impose tariffs on oil from Canada and Mexico, or we may not. We will probably make a decision tonight.”*  

### **Oil Tariffs Under Consideration**  

Trump suggested that his decision would be based on whether Canada and Mexico are offering the U.S. a fair oil price. Despite the tariffs initially being tied to stopping illegal immigration and fentanyl-related chemical trafficking, the potential expansion to oil has raised concerns among economic analysts.  

According to the U.S. Energy Information Administration, in October 2024, the U.S. imported approximately 4.6 million barrels of oil per day from Canada and 563,000 barrels per day from Mexico. Meanwhile, domestic oil production averaged about 13.5 million barrels per day during the same period.  

### **Economic Concerns and Trump's Response**  

Despite warnings from economists that tariffs on imports from key trading partners could lead to price increases, Trump dismissed concerns about potential economic fallout. *“We don’t need the products they have. We have all the oil we need. We have all the lumber we need,”* he asserted.  

Additionally, Trump confirmed that China will face tariffs on chemicals used to manufacture fentanyl, enforcing a 10% duty in addition to existing import taxes.  

With the tariff deadline looming, markets and industries dependent on trade with Canada and Mexico are bracing for potential disruptions. Trump’s final decision on oil tariffs could have significant implications for North American trade relations.  

### **:**  

- Donald Trump  

- U.S. tariffs  

- Canada trade  

- Mexico trade  

- Oil imports  

- U.S. economy  

- Trade war  

- Fentanyl chemicals  

- U.S.-China trade  

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