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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.
The tariffs, which will take effect on Feb. 4, include a 25% levy on most goods from Mexico and Canada, with a 10% tariff on energy imports from Canada, and a 10% tariff on Chinese imports.
(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 had initially planned a 25% tariff on all goods from Canada and Mexico but cut the Canadian oil tariff in an effort to ease the impact on energy prices, the officials said.
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 ...
The AFL–CIO, the largest labor union in the U.S., praised Trump for the tariffs, as did Democratic Ohio Senator Sherrod Brown, who said the action would be a boon for "steel plants across Ohio". Many congressional Republicans expressed fear that the tariffs might damage the economy or lead to retaliatory tariffs from other countries.
The market anxiety ahead of Donald Trump's tariffs deadline focused Friday on oil and gas after the president acknowledged there could be issues including the energy staple in his overall plans.
Under Mr Trump’s plans, there will be an additional 25 per cent tariff on imports from Canada, with a lower 10 per cent levy on oil, natural gas, electricity and other energy products.