Economics

Summary

Gas prices in the U.S. are expected to rise after Trump imposed tariffs on Canadian and Mexican oil imports, aiming to curb illegal immigration and drug trafficking.

Canada’s oil faces a 10% duty, while Mexico’s is hit with 25%.

Midwest refiners, heavily reliant on Canadian oil, may face supply disruptions, while Gulf Coast refiners will need alternative sources for Mexican crude.

Fuel wholesalers warn that higher costs will be passed to consumers, affecting drivers nationwide, particularly in the East Coast and Midwest.