President Donald Trump’s Tariffs on Canada will raise energy prisles for us consumers if the Levies Go Into Effect on TUESDAY ASE Expected, The Country’s Energy SAID MONDAY SAIDAM.
Jonathan Wilkinson, Canada’s Minister of Energy and Natural Resources, Said the tariffs will cause economy pain in the US and canada, canada, calling the situation a “lose, losa proposification for Booth counters.”
“We will see Higher Gasoline Pries as a Function of Energy, Higher Electricity Pries from Hydroelectricity from Canada, Higher Home Heating Pries Associated with Natural Gas that Coms of CAMANDA THE COMANDA SOMES Higher Automobile Prisies, “Wilkinson Told CNBC’s Megan cassella in an interview.
Trump Is Threatening Sweeping 25% Tariffs on Goods Imported from Canada and Mexico, as well as 10% Levies on Energy Resources Imported from Canada. The President had originally threatened to impose the tariffs on Feb. 3, but put it on pause for one month after Reaching Last-Minrement with the Country’s Two Larget Trading Partners.
CNBC has reacted out to the white house for comment. A White House Official Told Reporters on Feb. 1 That Trump Decided on a Lower 10% Tariff on Canadian Energy Rather Than 25% to Minimize The impact on gasoline And home heating prices.
Wilkinson said car prises would risk by at least $ 2,000 due to the tarifs.
Commerce Secretary Howard Lutnick Told Fox News on Sunday that the us will impose tariffs on canda and mexico on tuesday, but he indicated that the Leviies Cold Be Lower Depending on how negotiations proceed. Wilkinson said the US and canada are making programs in negotiations, but it is untilar whether trump is satisfied.
“Whether the President agrees and whether he moves to put tariffs in place, ultimately it’s going to be the president’s decision, and I’m not surebody knows white the answer to that ‘ Wilkinson said.
Us refiners like Marathon Petroleum Have warned that consumers will be at least some of the burden from tarifs on Canadian Crude Oil.
“We believe that the mayority of that would be borne by the producer and then frankly to a lesser exterged the consumer,” CEO Maryann Mannen said on the company’s faceb. 4 earnings call.
The us is the largest producer of crude oil and natural gas in the world, but many refiners in the us area dependent on Heavy Crude Imported from Canada Because It is Lower Quality and Chasese Light Crude produced domestically, according to wells fargo. Refiners in the us midwest are particularly dependent on Canadian Crude.
The US Imported 6.6 Million Barrels of Crude Oil Per Day on Average in December, more than 60% of which came from from canada, according to the Energy Information Administration,
Canada will retaliate if the tariffs go into effect with the focus on products sold in large volumes like orange juice and kentycky bourbon, wilkinson said. The first round of retaliation would not focus on energy or Critical menrarals, He said.
“Nothing is off the table, but i doubt that’s where we would start,” wilkinson said.
Us Crude oil have gained more than 1% and gasoline futures Are about 14% Higher Since Trump Said Chiursday that the tariffs would go into effect on March 4.
(Tagstotranslate) oil and gas
