President Donald Trump has indicated that he is considering whether to exempt oil imports from impending tariffs of 25 percent on Canada and Mexico, with a decision anticipated on the same day. He emphasized that the U.S. has sufficient domestic oil supply to cope with a cut in imports. Both Canada and Mexico are prepared to retaliate against these tariffs, while also reassuring the U.S. regarding border security issues. Trump has also mentioned potential tariffs targeting China regarding the supply of fentanyl, underlining ongoing tensions in U.S.-China trade relations.
We're going to make that determination probably tonight on oil, Trump said at the Oval Office. Because they send us oil. We'll see, it depends on what their price is.
Because we don't need the products they have. We have all the oil you need, he said. Canada alone supplied more than half of US crude oil imports in 2023.
Canada and Mexico have both pledged to respond to US tariffs in kind while attempting to assure Washington that they are committed to addressing its border security concerns.
Trump said on Thursday that he was thinking about doing something in relation to China as fentanyl was causing us hundreds of thousands of deaths.
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