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Trump said the tariffs would be imposed due to Chinese theft of U.S. intellectual property. [126] Trump said his planned tariffs on Chinese imports would make the United States "a much stronger, much richer nation". [127] However, the steps toward imposing the tariffs led to increased concerns of a global trade war. [126]
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 ...
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.
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 ...
TD Economics figures that Trump’s tariffs could push up U.S. gasoline prices by 30 cents to 70 cents a gallon. Computers, Clothes and Toys Tariffs on China could impact a wide variety of ...
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 ...
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.
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.