WASHINGTON (AP) – President Donald Trump said that his 25% rates on Canada and Mexico will be on Saturday, but he still considers whether he should take oil from those countries as part of his import tax.
“We can or not,” Trump told reporters in the Oval Office on Thursday about the rate of oil from Canada and Mexico. “We will probably take that determination tonight.”
Trump said his decision will be based on the question of whether the price of oil that is charged by the two trading partners is fair, although the basis of his endangered rates relates to stopping illegal immigration and smuggling chemicals that become for Fentanyl used.
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The risk of rates on the Canadian and Mexican oil can undermine Trump's repeated promise to lower overall inflation by reducing energy costs. The costs associated with rates can be passed on to consumers in the form of higher gasoline prices – a problem that Trump placed in the center of his Republican presidential campaign, because he promised to halve the energy costs within a year.
“A year from January 20, we will have your energy prices lower throughout the country,” said Trump in a town hall in 2024 in Pennsylvania.
AP Votecast, an extensive overview of the electorate, showed that 80% of voters identified gas prices as a problem. Trump won almost 6 out of 10 voters who said they were worried about prices at the pump.
The United States imported nearly 4.6 million barrels of oil from Canada and 563,000 barrels from Mexico, according to the Energy Information Administration. The daily production of the US in that month was on average almost 13.5 million barrels per day.
Matthew Holmes, executive vice -president and head of public policy at the Canadian Chamber of Commerce, said that Trump's rates' America would first 'burden' in the form of higher costs.
“This is a loss loss,” said Holmes. “We will continue to work with partners to show President Trump and Americans that this makes life not more affordable. It makes life more expensive and sends our integrated companies scrambling.”
But Trump did not show that import tax on the trading partners of the United States would have a negative influence on the US economy, despite the risk shown in many economic analyzes of higher prices.
“We don't need the products they have,” said Trump. “We have all the oil you need. We have all the trees you need, what does the wood mean.”
The president also said that China would pay rates for the export of the chemicals used to make fentanyl. He has previously stated a rate of 10% that on top of other import taxes on products from China would be.
The oil prices traded on Thursday afternoon by around $ 73 per barrel. The prices rose in June 2022 under President Joe Biden to more than $ 120 per barrel, a period that overlaps with the total inflation that reached a highest point in four decades that raised a broader sense of public dissatisfaction with the democratic government.
The gas prices are on average $ 3.12 per gallon in the United States, about the same price as a year ago, according to AAA.
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