Fri Jan 31 10:15:18 IST 2025: ## Trump Announces 25% Tariffs on Canadian and Mexican Goods, Possibly Including Oil
**Washington, D.C. –** President Donald Trump announced Thursday that he will impose 25% tariffs on goods from Canada and Mexico, starting this Saturday. While the stated aim is to combat illegal immigration and fentanyl smuggling, the President is still deciding whether to include oil in the tariffs, a decision expected later today.
This move could directly contradict Trump’s campaign promise to lower energy costs and reduce inflation. The tariffs could lead to higher gas prices for American consumers, a key concern for voters, with 80% citing gas prices as a worry according to AP VoteCast. Despite this, Trump claims the U.S. is self-sufficient in oil and lumber.
The potential impact on the U.S. economy is significant. The U.S. imported nearly 4.6 million barrels of oil daily from Canada in October alone. Matthew Holmes of the Canadian Chamber of Commerce warned that the tariffs would ultimately “tax America first” by increasing costs. He argued that this is a “lose-lose” scenario.
Current gas prices average $3.12 a gallon nationwide, similar to a year ago. However, the potential for increased prices resulting from the tariffs remains a major concern.
Further escalating tensions, Trump also threatened 100% tariffs against countries exploring alternatives to the U.S. dollar, specifically mentioning the BRICS nations and reiterating a previous November threat. This action comes amid suggestions from Russian President Vladimir Putin that sanctions necessitate a substitute for the dollar. The President’s social media post indicated that any country developing or backing a currency to replace the US dollar would face these steep tariffs.
First Piper 