{"id":14768,"date":"2025-01-30T23:05:06","date_gmt":"2025-01-30T23:05:06","guid":{"rendered":"https:\/\/financialrush.com\/?p=14768"},"modified":"2025-01-30T23:05:06","modified_gmt":"2025-01-30T23:05:06","slug":"donald-trump-says-he-might-exclude-oil-from-tariffs-on-canada-and-mexico","status":"publish","type":"post","link":"https:\/\/financialrush.com\/?p=14768","title":{"rendered":"Donald Trump says he might exclude oil from tariffs on Canada and Mexico"},"content":{"rendered":"<p> \n<\/p>\n<div>\n<p>Unlock the White House Watch newsletter for free<\/p>\n<p class=\"article__content-sign-up-topic-description\">Your guide to what the 2024 US election means for Washington and the world<\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=98fad080-9740-4e3a-b932-c6a6b78d8a30&amp;newsletter-id=65b8fec772badb00166eafc6\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Donald Trump has said he is considering excluding oil imports from the 25 per cent tariffs he has threatened to impose on Mexico and Canada, in a sign the US president might offer exemptions for crucial industries.\u00a0<\/p>\n<p><a href=\"https:\/\/www.ft.com\/donald-trump\" data-trackable=\"link\">Trump<\/a> said tariffs on imports from the US\u2019s closest trading partners would be imposed this weekend, adding that he would decide on the details, including the potential exemptions, on Thursday evening.\u00a0<\/p>\n<p>\u201cThey send us oil \u2014 we\u2019ll see,\u201d said Trump, speaking to reporters at the White House. \u201cIt depends on what the price is. If the oil is properly priced, if they treat us properly \u2014 which they don\u2019t.\u201d<\/p>\n<p>Despite the US being the world\u2019s biggest oil producer, many of the country\u2019s ageing refineries were built to handle heavier grades of crude, such as the type produced in <a href=\"https:\/\/www.ft.com\/canada\" data-trackable=\"link\">Canada<\/a>, rather than the lighter grades found in Texas oilfields.\u00a0Restricting imports would risk pushing up US fuel prices.<\/p>\n<p>In the first 10 months of 2024, Canada shipped more than 4mn barrels of crude a day to the US \u2014 more than 60 per cent of total American imports. Mexico, the second-biggest supplier, sent more than 700,000 b\/d.<\/p>\n<p>Trump said the tariff \u201cmay or may not rise with time\u201d. <\/p>\n<p>\u201cWe\u2019ll be announcing the tariffs on Canada and Mexico for a number of reasons,\u201d Trump told reporters.\u00a0<\/p>\n<p>\u201cNumber one is the people that have poured into our country so horribly and so much. Number two are the drugs fentanyl and everything else that have come into the country. Number three are the massive subsidies that we\u2019re giving to Canada and to Mexico in the form of deficits,\u201d he said.<\/p>\n<p>Reducing prices at the pump was a central part of Trump\u2019s campaign pledge to bring down inflation for Americans. Canadian producers<a href=\"https:\/\/www.ft.com\/content\/920fb296-3ffe-4793-a0c6-669da6f1a66e\" data-trackable=\"link\"> have warned<\/a> in recent months that tariffs risked undermining this pledge and pushing up US fuel prices.\u00a0<\/p>\n<p>A <a href=\"https:\/\/crsreports.congress.gov\/product\/pdf\/IN\/IN12488\" data-trackable=\"link\">report<\/a> released this month by the US Congressional Research Service found that \u201cconsumer prices for gasoline, diesel fuel, and other petroleum products throughout the country could be affected by crude oil import tariffs, especially in regions most reliant on imports from Canada\u201d.<\/p>\n<p>Trump first threatened to impose tariffs of 25 per cent on all imports from Canada and Mexico shortly after winning the election in November, accusing the countries of permitting illegal migration and drug trafficking.<\/p>\n<p>He also threatened to levy an extra 10 per cent tariff on Chinese goods, as he criticised Beijing for failing to follow through on promises to impose the death penalty for people dealing fentanyl, a deadly synthetic opioid.<\/p>\n<\/div>\n\n<br \/><a href=\"https:\/\/www.ft.com\/content\/98fad080-9740-4e3a-b932-c6a6b78d8a30\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Unlock the White House Watch newsletter for free Your guide to what the 2024 US election means for&hellip;\n","protected":false},"author":6,"featured_media":14769,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":["post-14768","post","type-post","status-publish","format-standard","has-post-thumbnail","category-us","cs-entry","cs-video-wrap"],"_links":{"self":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/14768","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14768"}],"version-history":[{"count":0,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/14768\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/media\/14769"}],"wp:attachment":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14768"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14768"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14768"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}