US President Donald Trump announced plans to impose tariffs on oil and gas imports by February 18th, causing oil prices to ease and close the week lower. Investors are awaiting the implementation of 25% tariffs on Canada and Mexico, anticipated on Saturday. While sources suggest a process for Canada and Mexico to seek exemptions for certain imports, the White House maintains the Saturday deadline and offers no update on potential exemptions. Crude futures remain volatile as traders closely monitor the outcome of Trump's tariff threats and the potential impact on fuel prices.
SINGAPORE/WASHINGTON : US President Donald Trump said on Friday his administration will impose tariffs related to oil and gas by Feb. 18.
Trump will include a process for Canada and Mexico to seek specific exemptions for certain imports, sources had told Reuters, adding that new tariffs would become effective on March 1. Canadian crude is used by many U.S. Midwest refineries and a curtailed flow will likely support fuel prices, he added.
"Our base case has been that, if tariffs are announced, they will include a grace period for negotiations and that oil is likely eventually to be carved out from any tariffs," Gallarati added.
TRUMP TARIFFS OIL GAS CANADA MEXICO
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