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(Trump's original executive orders issuing the tariffs carved out an exception for Canadian energy including natural gas and oil, which would have been met with a lower rate of 10%.)
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.
A Trump administration official told reporters on Saturday that a lower tariff on energy was done to spare Americans from from having to pay even more for gasoline and heating oil, even though ...
On January 31, 2025, the U.S. announced a 25% tariff on imports from Canada and Mexico, with the exception of 10% on Canadian crude oil and energy imports, and a 10% tariff on imports from China. [ 30 ] [ 31 ] [ 32 ] The next day, Trump signed executive orders imposing the tariffs, effective February 4, 2025, under the International Emergency ...
An exception was made for Canadian energy, including natural gas and oil. Tariffs on energy imports from Canada were set at a lower rate of 10%, a White House official said, to minimize the ...
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 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.
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.