Trump Considers Imposing Tariffs on Canadian, Mexican Oil

US President Donald Trump announced on Thursday that he has not yet decided whether to impose tariffs on oil imports from Canada and Mexico.

However, he confirmed that the U.S. will begin imposing a 25% tariff on products from these two countries starting February 1.

When questioned at the White House, Trump stated, "We may or we may not. We're going to make that determination probably tonight on oil.”

According to a report from the US Congress, Canada and Mexico together account for 71% of the US's crude oil imports, with Canada alone representing 60%.

Additionally, Trump confirmed that he would implement separate 25% tariffs on both Canada and Mexico, citing the significant trade deficit with both nations.

He further justified the tariffs by linking them to issues such as illegal immigration and the opioid crisis, which is fueled by fentanyl—a substance that has caused a severe public health crisis in the US

The potential tariffs come amid ongoing trade negotiations and reflect Trump’s continued focus on reducing the US trade deficit and addressing illegal trade practices, including the smuggling of fentanyl into the country.