Trump promised to lower gas prices. His tariffs could have the opposite effect.
President Donald Trump's plan to slap tariffs on Canada and Mexico as soon as February 1 threatens to undercut one of his key campaign promises: lowering prices at the pump. The US imports around 40% of the crude oil it refines into gas for your car and other vehicles.
Trump Tariffs Could Raise Gas Prices By 70 Cents Per Gallon
Just remember those "I did that" stickers are nothing more than a pain for the hourly workers behind the counter
Here's what Trump's Mexico and Canada tariffs would mean for Wisconsin gas prices
The 25% tariffs could increase the price of Canadian crude oil from about $63 per barrel to $80, according to De Haan. The refineries that serve Wisconsin rely primarily on Canadian crude oil, so within a few days of the tariffs kicking in, prices at the pump could rise between 20 and 50 cents a gallon.
Trump Says Tariffs on Canada and Mexico Coming Saturday, and He's Deciding Whether to Tax Their Oil
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 set to impose tariffs on Canada, Mexico and China
The Trump administration is set to impose tariffs on goods from Canada, Mexico and China on Saturday, placing pressure on three top U.S. trade partners while risking price increases for essential products like gasoline and groceries.
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