As the deadline approaches for President Trump’s expected tariffs, he has confirmed that he will continue with his plan to implement a 25% import tax on goods from Canada and Mexico starting February 1.
Considering that the majority of the crude oil imported by the U.S. comes from Canada, Trump has not yet decided whether the tariffs effective February 1 will include oil.
“We may or may not. We’re going to make that determination probably tonight,” Trump said, adding that his decision would rely heavily on whether the two countries “treat us properly.”
Trump’s plan to reduce the cost of living is unlikely to succeed if he starts taxing imported energy. Experts are concerned that imposing levies on U.S. oil imports from Canada and Mexico could lead to higher prices for all essential goods, affecting both domestic businesses and consumers.
According to U.S. Census Bureau data, crude oil is the top U.S. import from Canada and among the top five from Mexico.
By CEO NA Editorial Staff
