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Trump: Tariffs on Canada, Mexico Still Set to Begin Feb. 1
President Weighs Expanding Import Taxes to Include Oil
WASHINGTON 鈥 President Donald Trump said his 25% tariffs on Canada and Mexico are coming on Feb. 1, but he鈥檚 still considering whether to include oil from those countries as part of his import taxes.
鈥淲e may or may not,鈥 Trump told reporters Jan. 30 in the Oval Office about tariffing oil from Canada and Mexico. 鈥淲e鈥檙e going to make that determination probably tonight.鈥
Trump said his decision will be based on whether the price of oil charged by the two trading partners is fair, although the basis of his threatened tariffs pertains to stopping illegal immigration and the smuggling of chemicals used for fentanyl.
The United States imported almost 4.6 million barrels of oil daily from Canada in October and 563,000 barrels from Mexico, according to the Energy Information Administration. U.S. daily production during that month averaged nearly 13.5 million barrels a day.
RELATED:听Mexico鈥檚 President Doesn鈥檛 Expect Trump鈥檚 Tariffs on Feb. 1
But Trump showed no concerns that import taxes on the United States鈥 trading partners would have a negative impact on the U.S. economy, despite the risk shown in many economic analyses of higher prices.
鈥淲e don鈥檛 need the products that they have,鈥 Trump said. 鈥淲e have all the oil you need. We have all the trees you need, meaning the lumber.鈥
The president also said that China would pay tariffs for its exporting of the chemicals used to make fentanyl. He has previously stated a 10% tariff that would be on top of other import taxes charged on products from China.
