Trump plans 25% tariffs on Canadian and Mexican exports targeting energy and auto industries

Donald Trump announced plans to impose 25% tariffs on exports from Canada and Mexico to the U.S., targeting key sectors like energy and automobiles. This follows a significant reliance on these countries, with Canada exporting $128 billion in energy and Mexico $379 billion in goods to the U.S. last year. The tariffs could increase costs for consumers and impact industries closely tied to trade agreements. Canada is the top supplier of crude oil to the U.S., while Mexico's auto industry employs over one million people and exports a large number of vehicles to the U.S. Both countries also export substantial amounts of machinery and other goods. Canada shipped $34 billion in machinery, while Mexico exported $91 billion in the same category last year. The tariffs may complicate operations for companies like Tesla and BYD, which have plans for factories in Mexico.