Trump's Tariff Tactics: Will Oil Be Included?

President Trump announced a 25% tariff on Canadian and Mexican products, set to begin Saturday. He is undecided on whether to include oil imports from these countries. The tariffs aim to address illegal immigration and chemical smuggling concerns. Economic risks are downplayed by the President.

President Donald Trump declared his intent to impose 25 percent tariffs on goods from Canada and Mexico starting Saturday. However, he remains undecided about whether to include oil imports in these tariffs, a decision he plans to make by the night. The tariffs are primarily aimed at combating illegal immigration and the smuggling of chemicals used in fentanyl production, although their economic implications have raised concerns.

The United States currently imports nearly 4.6 million barrels of oil daily from Canada and over half a million barrels from Mexico, according to energy statistics. Despite potential economic risks from tariff hikes suggested by economic analyses, Trump remains confident, asserting that the U.S. does not depend on these imports.

In addition, Trump reiterated the imposition of a separate 10 percent tariff on Chinese-exported chemicals used in fentanyl production, further expanding his trade strategy. Nonetheless, the impact of these tariffs on international relationships and the domestic economy remains a contentious issue.

(With inputs from agencies.)