Trump Imposes Tariffs on Canada and Mexico
The Trump administration imposed tariffs against Canada and Mexico. The 25% tariffs on imports from the two countries became effective today, reported The Associated Press and other news outlets. Canadian energy products are subject to 10% import duties, the AP reported. The tariffs are widely expected to result in similar measures by Canada and Mexico, according to news reports.
The American Petroleum Institute, in literature posted on its website, states that it supports free trade:
“Global trade and investment regimes are of critical importance. Free trade provides opportunities for business growth and expansion; increases the range of oil, natural gas, and other petroleum products available to consumers; enhances market‐based production globally; and contributes to global energy cooperation. API believes these ends can only be achieved by eliminating impediments imposed on international oil and natural gas producers, fostering a pro‐export environment, and maintaining a level playing field among industry sectors by reducing trade barriers that distort the market and raise costs to consumers.”
API represents the oil and gas industry.
