Trump's proposed tariffs on Canada could raise U.S. gas prices by up to 70 cents a gallon

Donald Trump plans to impose a 25% tariff on imports from Canada and Mexico, which could raise U.S. gas prices by 30 to 70 cents per gallon. This increase would particularly affect regions reliant on Canadian crude oil. The tariffs could also raise the average cost of cars by $3,000, as the U.S. imports significant amounts of auto parts and vehicles from these countries. Analysts note that Canada and Mexico are key trading partners for the U.S. It is unclear if Trump will implement these tariffs, as some experts believe he may be using them to negotiate concessions. The interconnected nature of the auto industries in North America may also influence this decision.