Reports from US energy market analysis firms or government energy departments

Trump Plans Tariffs on Mexico, Canada, and China; Includes Crude Oil, Aims to Curb Fentanyl and Immigration

Nov 26, 2024, 06:43 PM

President-elect Donald Trump has announced plans to impose a 25% tariff on imports from Mexico and Canada, including crude oil, on his first day in office. Additionally, he threatened a 10% blanket tariff on all Chinese imports until Beijing takes action against drug dealers sending fentanyl to the United States. Trump's tariffs are part of his efforts to crack down on illegal immigration and drug trafficking. The Bank of Canada warned that the tariffs would harm both economies by elevating inflation and limiting growth. Mexican President Claudia Sheinbaum threatened retaliatory tariffs on U.S. goods, stating, "One tariff would be followed by another in response." Canadian Prime Minister Justin Trudeau expressed concern and will meet with Canada's premiers to discuss a unified response. The U.S. oil industry cautioned that the tariffs could raise gasoline prices. Alberta Premier Danielle Smith supported Trump's concerns about border issues and called on Trudeau to resolve them.