President Donald Trump confirmed that the 25% tariffs on goods from Canada and Mexico will be implemented this weekend, but he has not yet made a final decision regarding whether oil imports from these countries will be affected by the new taxes.
“We may or may not,” Trump said during a Thursday press briefing in the Oval Office, when asked about the potential tariffs on oil imports from Canada and Mexico. “We’re going to make that determination probably tonight.”
The president emphasized that his decision would hinge on whether the oil prices set by Canada and Mexico are reasonable, though the primary reason for the tariffs revolves around combating illegal immigration and the smuggling of chemicals used in fentanyl production.
According to the Energy Information Administration, in October, the U.S. imported nearly 4.6 million barrels of oil daily from Canada and 563,000 barrels from Mexico. In the same month, American oil production averaged almost 13.5 million barrels a day.
Despite concerns raised by some analysts about the potential negative effects of the tariffs on the U.S. economy, Trump expressed no apprehension about the consequences. “We don’t need the products that they have,” he remarked. “We have all the oil you need. We have all the trees you need, meaning the lumber.”
In addition to this, Trump reaffirmed his stance on China, stating that the country would bear the cost of tariffs imposed on its exports of chemicals used in the production of fentanyl. He reiterated his earlier proposal of a 10% tariff on top of existing import duties on Chinese goods.
{Matzav.com}
