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"However, with President Trump imposing tariffs on Canada and Mexico, some motorists may see gas prices inch up in certain regions." PHOTO: A view of an oil pump jack on the prairies near ...
Trump said that on his first day in office, he would place 25 percent tariffs on all Canadian and Mexican goods. The two countries are the leading sources of U.S. oil imports.
The tariffs Trump imposed during his first four years in office did not drastically raise prices. However, Trump's first-term tariffs were not nearly as sweeping as the plan he is currently proposing.
The day after Trump announced his tariffs, a Canadian energy company said prices will go up for its U.S. customers Jason Ma Updated February 3, 2025 at 7:13 PM
Sen. Mark Warner, D-Va., claimed Trump's tariffs "could cost a typical family $1,200 per year," while Rep. Jamie Raskin, D-Md., said that "President Trump owns the economic and national security ...
Another factor is the time of year. Gas prices are typically near a low for the year in February due to weak demand. If the tariffs stay in place through summer, the impact will be greater, he said.
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% ...
So what could get more expensive if Trump's tariffs do eventually go ahead? Cars. Cars would probably go up in price - by about $3,000 according to TD Economics.