Economics
Border Wall Tax on Mexican Crude Oil Would Cost U.S. Drivers
- Tax could be used on any country with trade deficit: Spicer
- Pump prices could increase 30 cents a gallon, Verleger says
U.S. Stands to Suffer With Mexico in a Border War
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U.S. motorists probably would foot the bill for President Donald Trump’s 20 percent border-wall tax as domestic refiners reliant on Mexican crude pass on the cost.
Less than a week after assuming office, the Trump administration indicated it may impose the levy on imports from Mexico to finance construction of a barrier along the southern U.S. border. American companies imported about $14 billion in oil and related products in 2015, government data show. White House press secretary Sean Spicer noted that the tax was only one idea being mulled to pay for the wall, a cornerstone of Trump’s campaign.