BREAKING: It’s Official, President Trump Announces 25% Tariff On Canada, Mexico!

President Trump told reporters on Thursday that he will impose a 25% tariff on Canada and Mexico.

It will go into effect on Saturday, February 1st.

“I’ll be putting the tariff of 25% on Canada and separately 25% on Mexico,” Trump said.

“Those tariffs may or may not rise with time,” he added.

WATCH:

Trump announces 25 percent tariffs for Mexico and Canada pic.twitter.com/QqcUp4dm9K

— Aaron Rupar (@atrupar) January 30, 2025

Trump said he’ll decide on Thursday if the tariff will include oil.

Per Reuters:

U.S. President Donald Trump on Thursday said he would soon decide whether to exclude Canadian and Mexican oil imports from the 25% tariffs that he has vowed to impose on Saturday on the countries’ products.

“We may or may not. We’re going to make that determination probably tonight,” Trump said about whether he would impose tariffs on Canadian and Mexican oil. He added that this would partly depend on prices and on whether the two countries “treat us properly.”

Trump has set a Saturday deadline to impose 25% tariffs on imports from Mexico and Canada to push the two largest U.S. trading partners to take action to halt illegal migrants and shipments of fentanyl from crossing their borders into the U.S.

But Trump on Thursday said the North American duties would be imposed “for a number of reasons” and said the tariff level “may or may not rise with time.”

“That’s coming on the 1st, Saturday,” Trump said.

WATCH:

Reporter: tariffs on Canada and Mexico that’s 25% coming this Saturday?

Donald Trump: that’s coming on the (February) 1st.

Reporter: but no oil tariffs?

Donald Trump: no I don’t…you said that I didn’t say it. We will make that determination probably tonight…depends on what… pic.twitter.com/CJRUFX8qoc

— Kirk Lubimov (@KirkLubimov) January 30, 2025

From the Associated Press:

Trump said his decision will be based on whether the price of oil charged by the two trading partners is fair, although the basis of his threatened tariffs pertains to stopping illegal immigration and the smuggling of chemicals used for fentanyl.

The risk of tariffs on Canadian and Mexican oil could undermine Trump’s repeated pledge to lower overall inflation by reducing energy costs. Costs associated with tariffs could be passed along to consumers in the form of higher gasoline prices — an issue that Trump placed at the center of his Republican presidential campaign as he vowed to halve energy costs within one year.

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“One year from Jan. 20, we will have your energy prices cut in half all over the country,” Trump said at a 2024 town hall in Pennsylvania.

AP VoteCast, an extensive survey of the electorate, found that 80% of voters identified gas prices as a concern. Trump won nearly 6 in 10 voters who said they worried about prices at the pump.

The United States imported almost 4.6 million barrels of oil daily from Canada in October and 563,000 barrels from Mexico, according to the Energy Information Administration. U.S. daily production during that month averaged nearly 13.5 million barrels a day.

This is a Guest Post from our friends over at 100 Percent Fed Up.

View the original article here.