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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% ...
Donald Trump loved to use tariffs on foreign goods during his first presidency. “There's going to be a lot more tariffs, I mean, he's pretty clear,” said Michael Stumo, the CEO of Coalition ...
Shortly after the tariffs went into effect, China's finance ministry announced it would start imposing targeted tariffs of 15% for U.S. coal and 10% for crude oil, farm equipment and some cars.
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.
Trump changed the market narrative on trade policy this week, easing fears that have weighed on investors. The president has shifted investors' focus to his pro-growth agenda.
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 White House has cited several examples of especially lopsided tariffs: Brazil taxes ethanol imports, including America’s, at 18%, but the U.S. tariff on ethanol is just 2.5%.
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.