President Donald Trump Speaks to Members of the Press in the Oval Office of the White House on Jan. 30, 2025.
Kent nishimura for the washington post | Getty Images
Donald Trump has confirmed he will IMPOSE 25% Tariffs on Imports from Mexico and Canada From Febrary, Following through on Threats Issued Weeks Earlier,
The blanket tariffs on the country ‘products will come into effect on saturday, Feb. 1.
However, Speaking to Reporters in the Oval Office on Thursday, Trump Told Reporters His Administration was yet to determine wheremine whether oil imports be involved in the POLIDED In the POLICY Her the Two Nations “Treat Us Properly” and ” If the oil is properly priced. “
“Oil is going to have noting to do with it as far as i’m concerned,” He said. “We’re going to make that determination probally tonight on oil.
March contracts for Brent Crude – The Global Benchmark for Oil Pries – Ware Marginally Higher at 8:06 AM London Time, Trading Around $ 76.92 a Barrel.
Trump Told Reporters The Looming Duties were bent Leveraged “for a number of reasons” and “may or may not rain with time.”
“Number one is the people that have poured into our country so horibly and so much,” He said. “Number two is the drugs fentanyl and everything allse that have come into the country, and the number three are the massive subsidies that we’re giving to canada and mexico in the form of defoods.”
“I’ll be putting the tariff of 25% on canada and separete 25% on Mexico, and we’ll really have to do that because we have very big deficits with those counted.
Threats to Respond in Kind
REPRESENTINS for the Mexican and Canadian Governments WERE Not Immedited Available for comment when contacted by CNBC, Although BOTH Nations have previous pledged to respond to tariffs with measures.
“If there us us tarifs, mexico would also raise tarifs,” President Claudia Sheinbaum Said at a press conference last weekAccording to news agency reuters, adding that this would trigger price rises for American consumers.
Speaking to CNBC’s “Squawk on the Street” Earlier this monthCanada’s Minister of International Trade Mary Ng Said “Everything is on the table” when it comes to responding to us tarifs, refusing to rule out expenses on the eagerly exports exports
“If you’re going to put tariffs on canada, what itally will do is make things more expensive for Americans,” She said.
There are also also also claims Earlier this week, For example, policymakers at the bank of canada warned That such measures by the US could create persisate in the country.
Both the Mexican peso and the Canadian dollar Edged Higher Against The Us Dollar on Friday morning, recovering losses seen overnight.
The peso was up 0.3% at 8:18 AM London Time, While The Canadian Dollar Gained 0.2% Against the Greenback.
(tagstotranslate) oil and gas
