Trump plans 25% tariffs on oil imports from Canada and Mexico on first day in office

U.S. President-elect Donald Trump plans to impose a 25% tariff on oil imports from Canada and Mexico starting on his first day in office. This move is part of a broader strategy to pressure these countries on drug and immigration issues. The tariffs would apply to crude oil, which is a significant concern for the U.S. refining industry. Canada and Mexico supply nearly a quarter of the crude oil processed by U.S. refineries. Trump's transition team highlighted that previous tariffs on China led to job creation and investment without causing inflation. The team emphasized a focus on American workers and energy independence.