US gas prices likely to go up with Trump tariffs on Canadian and Mexican oil
US gas prices likely to go up with Trump tariffs on Canadian and Mexican oil
www.theguardian.com US gas prices likely to go up with Trump tariffs on Canadian and Mexican oil
Tariffs on imports mean higher costs for finishing fuels, much of which is likely to be passed on to consumers
Summary
Trump’s new tariffs on Canadian and Mexican oil are expected to raise U.S. gas prices.
Canadian oil imports face a 10% tariff, while Mexican oil is hit with 25%, increasing refining costs.
Analysts warn the tariffs will push fuel prices higher, with Midwest refineries particularly vulnerable due to reliance on Canadian crude.
East Coast drivers may also see cost hikes due to limited refining capacity.
Fuel traders expect the added costs to be passed on to consumers, contradicting Trump’s false promise to curb inflation.
