President-elect Trump plans 25% tariffs on oil from Canada, Mexico, potentially raising gas prices.

U.S. President-elect Donald Trump plans to impose 25% tariffs on oil imports from Canada and Mexico, which could raise gasoline prices for American consumers. Canada supplies nearly 4 million barrels of oil daily to the U.S., allowing the U.S. to export higher-value oil while meeting domestic demand. The tariffs, according to the Canadian Association of Petroleum Producers, would threaten North American energy security and result in higher energy costs.

November 26, 2024
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