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President Donald Trump said his 25% tariffs on Canada and Mexico are coming on Saturday, but he’s still considering whether to include oil from those countries as part of his import taxes.
Tariff proposals draw dissent from all corners Trump put tariffs on steel and aluminum imports in his first term. He also went after imported washing machines and solar panels.
It would be difficult for the U.S. to replace those goods with domestic production or an alternative supplier, making it likely that prices would rise significantly if the tariffs take effect, he ...
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% tariff that would be on top of other import taxes charged on products from China. Oil prices were trading at roughly $73 a barrel on Thursday afternoon.
Oil prices steadied on Wednesday as investors weighed the impact of potential U.S. tariffs on Canadian and Mexican imports, while largely shrugging off an increase in U.S. weekly crude inventory ...
A big driver of inflation is a persistent housing shortage, and U.S. oil production is already at record levels, with producers facing uncertainty about global demand this year. The Federal Reserve is technically the government body tasked with keeping inflation at a roughly 2% annual target.
The study's authors noted that these were conservative measures of the losses from the tariffs, because they did not take account of the tariffs' effects in reducing the variety of products available to consumers, or the tariff-related costs attributable to policy uncertainty or the fixed costs incurred by companies to reorganize their global ...
Oil slipped on Tuesday as traders priced in the possibility of tariffs against trading partners Canada and Mexico and executive orders aimed at boosting US production.