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During her presidential campaign, Vice President Kamala Harris said Trump's proposed tariffs would "raise prices on middle-class families by almost $4,000 a year" although different studies put ...
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 price increases come from the fact that importers — China, for example — often respond to tariffs by increasing the price of their imports to help offset the new tax.
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.
How much prices could rise, however, depends on how many tariffs the Trump administration imposes. Currently, 32 percent of total U.S. imports are subject to a tariff, according to research from ...
“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.
Since winning the election, Trump has promised to put a new 25% tariff on all products coming from Mexico and Canada, as well as raise tariffs on Chinese-made goods by 10%, on the first day of his ...
As a result of Trump’s promise to bring high tariffs back with his incoming administration (specifically, he has suggested a general 10 to 20% tariff on all imports from all foreign countries ...