Trump tariffs: President to hit Canada, Mexico and China with tariffs
www.bbc.com
Canadian oil will be hit with a lower levy of 10%, likely by mid-February, President Trump says.

Summary

Trump announced that 25% tariffs on imports from Canada and Mexico will take effect on February 1, though a decision on including oil remains pending.

He justified the move by citing undocumented migration, fentanyl trafficking, and trade deficits.

Trump also hinted at new tariffs on China.

Canada and Mexico plan retaliatory measures while seeking to address U.S. concerns.

If oil imports are taxed, it could raise costs for businesses and consumers, potentially contradicting Trump’s pledge to reduce living expenses.

  • Croquette@sh.itjust.worksEnglish
    1·
    4 hours ago

    Picking local versus imported has no effect whatsoever on the price of the transformed product.

    Business will find the source of primary resources that is the cheapest for their needs. Best case scenario, local is what’s used already and prices won’t change.

    Otherwise, the transformed product will cost more because either the businesses pay the new inflated price for imported resources or they switch to a local resources which is more expensive. Prices will raise no matter what.

    Guess which one we’ll see happening?