Trump's proposed tariffs could raise costs for U.S. energy and agriculture

President-elect Donald Trump has proposed tariffs on Canada, Mexico, and China, which could impact various sectors, including oil, gas, agriculture, and manufacturing. This marks a significant shift in trade policy with these key partners. In 2023, the U.S. imported over 5 million barrels of crude oil daily from Canada and Mexico, with Canada supplying the majority. Tariffs could raise costs for U.S. refiners, particularly in the Midwest, where they rely heavily on Canadian oil. The U.S. also imports substantial agricultural products from Canada and Mexico, including beef, vegetables, and sugar. Tariffs may disrupt these supply chains, potentially leading to higher prices for consumers.