“American motorists should brace for higher gas prices due to plans by the new Trump administration to raise tariffs on imports from Canada and Mexico.”, — write: epravda.com.ua
American motorists should brace for higher gas prices due to plans by the new Trump administration to raise tariffs on imports from Canada and Mexico. This is reported by Bloomberg. The additional costs will raise gasoline prices in the Midwest by 50 cents a gallon during the peak summer driving season. Together, Canada and Mexico supply seven out of 10 barrels of oil imported by the United States. Most of it goes to fuel producers in the Midwest, and some to the world’s largest oil refining hub on the Gulf Coast. to a level below $2 per gallon.Advertisement: It is noted that even though US oil production has soared to record highs levels, the country still needs imports. Last year, fuel producers imported 6.5 million barrels of oil per day, equivalent to the output of Iraq and Kuwait combined. This amount was 40% of the oil processed in the country. The tariffs would reignite inflation fears and could potentially deal a major blow to U.S. fuel producers at a time when margins are shrinking, the opposite of previous years when the pandemic and Russia’s invasion of Ukraine roiled markets and boosted profits. Read also: Trump plans to collapse oil prices. How realistic is it and how will it affect Russia? We will remind: Donald Trump, who will take office as the US president on January 20, 2025, has promised to introduce additional tariffs on all imports from Canada, Mexico and China immediately after the start of his term.
