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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.
The nation imports energy from the US and relies on various other sources of both oil and natural gas to power its economy with President Trump also keenly interested in increasing US energy exports.
U.S. President Donald Trump's trade tariffs on Canadian and Mexican oil imports will offer European and Asian refineries a competitive advantage against their U.S. rivals, analysts and market ...
The developments are set to upend a symbiotic oil trade between the U.S. and its neighbors: Many U.S. refineries are geared to churn the type of heavy and medium crude oil grades Canada produces ...
The Tax Foundation estimated that the new 10% tariff on Chinese imports would add $172 to the tax burden per U.S. household. Unlike in Trump's first term, there was no exception for Apple products or other popular consumer goods. [61] The expected impact of the threatened 25% tariffs on Mexican and Canadian goods is much greater.
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.
Trump signed orders on Saturday evening, imposing 25% tariffs on imports from Mexico and Canada (though Canadian energy faces a lower tariff of 10%) and 10% tariffs on goods from China.
Canada is the largest supplier of crude oil to the U.S. with more than 3.8 million barrels per day, or 60 percent of U.S. crude oil imports, coming from its northern neighbor.