Trump’s Tariff Plan Threatens to Push US Gasoline Prices Higher
- Canada and Mexico are big suppliers are oil to the US
- Costs would hit US refiners at a time when margins are waning
The risk of rising prices underscores how the US is still dependent on imports of crude oil used to make gasoline and diesel.
Photographer: Emily Elconin/BloombergThis article is for subscribers only.
US motorists should brace for a hike in gasoline prices under the incoming Trump administration plans to slap tariffs on imports of products from Canada and Mexico.
Together, Canada and Mexico supply seven out of 10 oil barrels imported by the US. Most of those flow to fuel makers in the Midwest, and some also head to the world’s largest oil refining hub on the Gulf Coast. Earlier this week, President-elect Donald Trump said he’s set to impose a 25% tariff on “ALL products” from Canada and Mexico.