President Donald Trump’s 25 percent tariffs on Mexico and Canada, set to take effect on Saturday, may exclude oil imports, as Trump stated that oil “may or may not” be covered by the tariffs. The exclusion of oil from the tariffs is significant, as Canada is a major supplier of American oil imports, which could result in higher pump prices for Americans and impact sectors like manufacturing, transportation, and agriculture. The enforcement of tariffs on both countries could have widespread economic ramifications and potentially lead to a recession in Canada by 2025, according to analysts.
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EU retaliates against Trump’s trade moves and hits beef, whiskey, motorcycles with targeted tariffs – Chicago Tribune
The European Union retaliated against the U.S. by imposing new duties on industrial and farm products in response to the increased tariffs on steel and aluminum imports to 25% by the Trump administration. The EU measures target goods worth $28 billion, including textiles, home appliances, and agricultural products, with a focus on products made in Republican-held states. EU officials emphasized the negative impact of tariffs on both economies and urged for negotiated outcomes to avoid...
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