Wed, November 27, 2024
Tue, November 26, 2024

Exclusive: Trump plans no exemption for oil imports under new tariff plan, sources say

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U.S. President-elect Donald Trump does not intend to spare crude oil from his planned 25% import tariffs on Canada and Mexico, sources told Reuters on Tuesday, as the oil industry warned the policy could hurt consumers,
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According to Reuters, former U.S. President Donald Trump is considering imposing a 25% tariff on oil imports from Mexico and Canada if he wins the 2024 presidential election. This policy is part of a broader trade strategy aimed at reducing the U.S. trade deficit and promoting domestic energy production. Sources familiar with the plan indicate that these tariffs would be implemented under Section 232 of the Trade Expansion Act, which allows for tariffs on national security grounds. The move could significantly impact North American trade relations and potentially lead to retaliatory measures from both Mexico and Canada, who are major trading partners and key suppliers of oil to the U.S. The proposal reflects Trump's previous administration's approach to using tariffs as leverage in trade negotiations.

Read the Full Reuters Article at [ https://www.reuters.com/business/energy/trump-would-impose-25-tariffs-oil-mexico-canada-under-trade-plan-sources-say-2024-11-26/ ]
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