WASHINGTON — President Donald Trump said Thursday his 25% tariffs on Canada and Mexico are coming Saturday, but he’s still considering whether to include oil from those countries as part of his import taxes.
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 risk of tariffs on Canadian and Mexican oil could undermine Trump’s repeated pledge to lower overall inflation by reducing energy costs. Costs associated with tariffs could be passed along to consumers in the form of higher gasoline prices — an issue Trump placed at the center of his presidential campaign as he vowed to halve energy costs within a year.