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Brent crude oil futures settled up 41 cents, or 0.53%, at $77.49 per barrel. Oil prices rebound from multi-week lows as investors brace for Trump tariffs Skip to main content
Oil prices steadied on Wednesday as investors weighed the impact of potential U.S. tariffs on Canadian and Mexican imports, while largely shrugging off an increase in U.S. weekly crude inventory ...
“If Trump does move ahead with tariffs, it would essentially boost the price of oil that these refineries are paying by 25%, which in this case today, would amount to about $15 a barrel,” he said.
"Any tariffs on Canadian oil are going to increase pump prices given the dependence of much of the U.S. refining industry on Canadian crude," Johnston said. The cost of crude feedstock is the ...
And higher gas prices will make it more expensive to move goods around the country.
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.
Some consumers are going to delay major purchases or make smaller repairs if prices go up for imported goods from certain countries, he said. ... the new business due to Trump's tariffs could be ...
President-elect Donald Trump has announced plans to impose a 25% tariff on all goods imported from Canada and Mexico from Jan. 20, 2025. Nearly 30 percent of all U.S. trade is with both nations.