Washington: United States President Donald Trump said his 25 per cent tariffs on Canada and Mexico are coming on Saturday. However, he is still considering including oil from those countries as part of his import taxes. “We may or may not,” Trump told reporters Thursday in the Oval Office about tariffing oil from Canada and Mexico, adding, “We're going to make that determination probably tonight.”
Trump expressed that he would decide based on whether the price of oil charged by the two trading partners is fair. However, the basis of his threatened tariffs pertains to stopping illegal immigration and the smuggling of chemicals used for fentanyl.
Trump tariffs on Canada, Mexico, oil decision
The United States imported almost 4.6 million barrels of oil daily from Canada in October and 563,000 barrels from Mexico, according to the Energy Information Administration. US daily production during that month averaged nearly 13.5 million barrels a day. However, Trump showed no concerns that import taxes on the United States trading partners would harm the US economy, despite the risk shown in many economic analyses of higher prices.
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“We don't need the products that they have," Trump said and added, "We have all the oil you need. We have all the trees you need, meaning the lumber.” The president also said that China would pay tariffs for its exporting of the chemicals used to make fentanyl. He has previously stated a 10 per cent tariff that would be on top of other import taxes charged on products from China.
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