Donald Trump says tariffs for Canada, Mexico begin tomorrow; yet to take call on oil

US President Donald Trump stated that the final decision depends on whether the price of oil charged is deemed to be fair.

President Donald Trump announced that 25 per cent tariffs on Canada and Mexico are coming on Saturday. However, Donald Trump said he is yet to decide on whether tariffs will include oil from these countries as part of the import taxes.

President Donald Trump will tax Canada, Mexico by 25%(AP)

“We may or may not. We're going to make that determination probably tonight,” a news agency Associated Press report quoted Donald Trump telling reporters on Thursday in the Oval Office about tariffs on oil from Canada and Mexico.

The President stated that the final decision depends on whether the price of oil charged is deemed to be fair.

For China, Donald Trump added that the country would additional tariffs for exporting the chemicals used to make fentanyl.

Donald Trump has previously stated a 10 per cent tariff that would be on placed top of other import taxes charged on products from China. Donald Trump has also promised to impose tariffs on countries that “harm” America, such as India and Brazil, which also have higher tariffs.

When it comes to oil dependency, the United States imported close to 4.6 million barrels of oil daily from Canada in October, 2024 and 5,63,000 barrels from Mexico, according to the Energy Information Administration. The country's daily production during that time averaged nearly 13.5 million barrels a day.

Despite their oil needs, Donald Trump has not shown concern about tariffs having a negative impact on the US and the rising costs.

“We don't need the products that they have," Trump said. "We have all the oil you need. We have all the trees you need, meaning the lumber.”