President Donald Trump said on Thursday that starting Saturday, there will be 25% tariffs on goods from Canada and Mexico. He hasn’t yet decided whether oil from these countries will be included in this tax.
“We may or may not,” Trump said, adding that he would decide later that evening. The main concern is whether the price of oil is fair.
For China, Trump mentioned he plans to add extra tariffs on chemicals that are used to make fentanyl. He has already said there would be a 10% tariff on other Chinese goods.
Trump also warned that he may impose tariffs on countries like India and Brazil, which he believes have unfair trade practices.
In October 2024, the U.S. was importing about 4.6 million barrels of oil every day from Canada and around 563,000 barrels from Mexico, according to the Energy Information Administration. During the same time, the U.S. was producing nearly 13.5 million barrels of oil daily.
Despite needing oil from these countries, Trump isn’t worried that tariffs will raise prices too much. He stated, “We don’t need their products. We have all the oil and lumber we need.
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