American consumers may soon see higher energy costs if Donald Trump follows through with his proposed tariffs on Canadian imports. Canada’s Minister of Energy and Natural Resources, Jonathan Wilkinson, warned that the tariffs, set to take effect tomorrow, would have serious economic consequences for both countries.
Speaking to CNBC’s Megan Cassella, Wilkinson described the tariffs as a “lose-lose proposition” that would lead to price hikes across multiple sectors.“We will see higher gasoline prices as a function of energy, higher electricity prices from hydroelectricity from Canada, higher home heating prices associated with natural gas that comes from Canada, and higher automobile prices,” Wilkinson said.
Trump has threatened a 25% tariff on all goods imported from Canada and Mexico, along with a 10% levy specifically on energy resources from Canada. Originally set to take effect on February 3, the tariffs were postponed for a month after Trump reached a temporary agreement with Canada and Mexico. However, with that pause expiring, the U.S. economy could be facing a wave of price increases.
With Canada being a key supplier of crude oil, natural gas, and hydroelectric power to the U.S., economic experts warn that these tariffs could raise costs for businesses and households alike.
If the tariffs go into effect, consumers in the U.S. could see higher prices at the pump, rising electricity bills, and increased costs for home heating—just as inflation remains a concern for many households.
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