Canada is America’s Second Largest Trading Partner. In 2023, of the $ 416 billion of imported goods from Canada, $ 119 billion is oil and gas, and petroleum products and coal. (Total Merchandise Imorts is $ 3.1 TRN.) From the Milwaukee Sentinel Journal Today:
If Trump followed through on implementation 25% tariffs on Canada and Mexico Feb. 1, then midwest gas prices could be affected in a few different ways, the Haan said in an interview with the journal Sentinel last week.
The 25% tariffs could increase the price of Canadian Crude Oil from about $ 63 per barrel to $ 80, according to de Haan. The refineries that serve wiscons in rely primarily on Canadian crude oil, so within a few days of the tariffs kicking in, prices at the pump could rise between 20 and 50 Cents a gallon.
This presumes canada does not cease sales of crude, or some other retaliation of a similar nature.
Saturday should be interesting.