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Trump says tariffs on Canada and Mexico coming Saturday, and he’s deciding whether to tax their oil
By JOSH BOAKUpdated 7:59 PM CST, January 30, 2025
WASHINGTON (AP) — 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.
“We may or may not,” Trump told reporters Thursday in the Oval Office about tariffing oil from Canada and Mexico. “We’re going to make that determination probably tonight.”
Trump said his decision will be based on whether the price of oil charged by the two trading partners is fair, although the basis of his threatened tariffs pertains to stopping illegal immigration and the smuggling of chemicals used for fentanyl.
The risk of tariffs on Canadian and Mexican oil could undermine Trump’s repeated pledge to lower overall inflation by reducing energy costs. Costs associated with tariffs could be passed along to consumers in the form of higher gasoline prices — an issue that Trump placed at the center of his Republican presidential campaign as he vowed to halve energy costs within one year.
“One year from Jan. 20, we will have your energy prices cut in half all over the country,” Trump said at a 2024 town hall in Pennsylvania.
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