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Trump Says He’s Moving Ahead With 25% Tariff on Canada and Mexico February 1, but Not Necessarily on Oil

Business & Policy
January 31, 2025

U.S. President Donald Trump on Thursday said he would be moving ahead to put a 25% tariff on imports from Mexico and Canada that would take effect on Feb 1. When asked if the tariffs would include tariffs being impossed on oil imports, Donald Trump responded as follows.

“We may or may not. We’re going to make that determination probably tonight,” Trump told reporters at the White House. “It will depend on the price.”

Trump has repeatedly warned Mexico and Canada – two of the United States’ top trading partners – he will impose tariffs if the two countries do not end shipments of fenatanyl and the flow of migrants across U.S. borders.

The office of Canadian Prime Minister Justin Trudeau was not immediately available for comment. Mexico’s economy ministry did not immediately respond to a request for comment.

(Reporting by Steve Holland, Brendan O’Boyle and David Ljunggren; Writing by Jason Lange; Editing by Caitlin Webber)