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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