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The tariff on products imported from Canada will cost Americans 15 cents a gallon or more at the gas pump relatively soon. That’s not as much of a price hike as we could have seen.
Trump’s tariffs from his first term increased consumer prices in the furniture and kitchen cabinet sector by 7.1 percent, the corner of the economy that saw the biggest surge in prices ...
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.
That seasonal price impact could add another 30 cents per gallon, putting the total increase in gasoline prices at $1 per gallon if the tariffs remain in place at the onset of spring, Fitzgerald said.
Gas prices in the Midwest peaked in June 2022 at nearly $5 per gallon, according to the Energy Information Administration. They’ve come down since but started ticking up again in January.
Mexico’s president immediately ordered retaliatory tariffs and Canada’s prime minister said the country would put matching 25% tariffs on up to $155 billion in U.S. imports.
President Donald Trump’s tariffs on Canada include a 10% duty on energy products, which are consumed by many Americans in northern states. On Sunday, a Canadian energy company said its U.S ...
And higher gas prices will make it more expensive to move goods around the country.