Trump: Tariffs on Canada, Mexico start tomorrow, oil decision pending!

President Donald Trump announced that 25% tariffs on Canada and Mexico will take effect on Saturday. However, he has yet to decide whether to include oil in the import taxes.

“We may or may not. We’re going to make that determination probably tonight,” Trump told reporters in the Oval Office on Thursday. He stated that the final decision depends on whether oil prices from these countries are fair.

Trump also warned China of additional tariffs on chemicals used to make fentanyl. He previously proposed a 10% tariff on Chinese goods on top of existing import taxes. He has also threatened tariffs on India and Brazil, accusing them of harming America with high trade barriers.

The United States imported about 4.6 million barrels of oil daily from Canada and 563,000 barrels from Mexico in October 2024, according to the Energy Information Administration. At that time, U.S. production averaged 13.5 million barrels per day.

Despite oil imports, Trump dismissed concerns about rising costs or economic fallout. “We don’t need the products that they have. We have all the oil you need. We have all the trees you need, meaning the lumber,” he said.

His tariff policies continue to shape global trade, with key decisions looming on oil and international relations.