Trump confirms 25% tariffs on Canada and Mexico starting Saturday and is considering taxing oil imports as well

WASHINGTON, D.C. – U.S. President Donald Trump announced that 25% tariffs on imports from Canada and Mexico will take effect this Saturday, while he is still considering whether to include oil imports in the tax plan.

Oil Tariffs Still Under Review

Speaking from the Oval Office on Thursday, Trump stated that a final decision on taxing Canadian and Mexican oil would be made soon.

“We may or may not,” Trump told reporters. “We’re going to make that determination probably tonight.”

The former president claims his decision will depend on whether the oil prices from Canada and Mexico are “fair.” However, his broader reasoning for the tariffs centers on stopping illegal immigration and curbing fentanyl smuggling into the U.S.

Impact on Canada’s Oil Exports

According to the U.S. Energy Information Administration, Canada supplied nearly 4.6 million barrels of oil per day to the U.S. in October, while Mexico exported 563,000 barrels daily. These imports make up a significant portion of the U.S. energy supply, which averaged 13.5 million barrels per day in the same period.

Economic Concerns

Economic experts have warned that tariffs on key trading partners could raise prices for American consumers and disrupt supply chains. Despite these concerns, Trump dismissed fears of economic fallout, emphasizing his focus on trade fairness and national security.

More updates on this developing story to follow.