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Oil and gas prices jumped on Monday after Trump imposed tariffs over the weekend. The tariffs, which will take effect on Feb. 4, include a 25% levy on most goods from Mexico and Canada, with a 10% ...
(Trump's original executive orders issuing the tariffs carved out an exception for Canadian energy including natural gas and oil, which would have been met with a lower rate of 10%.)
Trump also mentioned his intent to impose tariffs on Canada and Mexico starting Feb. 1, sparking concerns of a trade war that could impact economic growth and, as a result, oil consumption.
LONDON/NEW YORK (Reuters) -The dollar extended its slide while crude prices curtailed their losses after U.S. President Donald Trump said on Monday he would tariff and tax countries to enrich ...
An exception was made for Canadian energy, including natural gas and oil. Tariffs on energy imports from Canada were set at a lower rate of 10%, a White House official said, to minimize the ...
On January 31, 2025, the U.S. announced a 25% tariff on imports from Canada and Mexico, with the exception of 10% on Canadian crude oil and energy imports, and a 10% tariff on imports from China. [ 30 ] [ 31 ] [ 32 ] The next day, Trump signed executive orders imposing the tariffs, effective February 4, 2025, under the International Emergency ...
The order called for 25 percent tariffs on all exports from Mexico and all Canadian exports except for oil and energy, which would be taxed at 10 percent. Trump said the goal of the tariffs was to stop both illegal immigration to the U.S. and the supply of fentanyl across its borders with Canada and Mexico and to reduce the U.S.'s trade deficit.
A Trump administration official told reporters on Saturday that a lower tariff on energy was done to spare Americans from from having to pay even more for gasoline and heating oil, even though ...