Pump prices set to rise as Trump tariffs hit Canadian, Mexican oil
U.S. consumers will see higher prices at the gas pump from President Donald's Trump's decision on Saturday to apply tariffs on Canadian and Mexican oil, according to analysts and fuel traders. The likely hike in fuel prices reflects the double-edged nature of Trump's trade protections which are designed to bolster domestic business and pressure U.S. neighbors to curb illegal immigration and drug smuggling, but which will also run counter to his promises to tackle inflation. The U.S. imports some 4 million barrels per day of Canadian oil, 70% of which is processed by refiners in the Midwest.
