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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.
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% ...
The tariff on products imported from Canada will cost Americans 15 cents a gallon or more at the gas pump relatively soon. That’s not as much of a price hike as we could have seen.
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.
That seasonal price impact could add another 30 cents per gallon, putting the total increase in gasoline prices at $1 per gallon if the tariffs remain in place at the onset of spring, Fitzgerald said.
Trump also struck a deal with Canada to delay his 25% tariffs on Canadian goods (10% on oil and natural gas) for a month. But 10% tariffs on China are expected to go into effect Feb. 4.
The second Trump tariffs are trade initiatives announced by Donald Trump, the 47th president of the United States, principally in the form of tariffs on imports starting in 2025. Since before becoming president in 2017, Trump has promoted import tariffs to retaliate against countries he believes are "ripping off" the United States.