Donald Trump’s plan to slap punitive tariffs on Canadian imports will drive up prices for American motorists, oil producers warned, as the US president-elect’s threats hit global markets.
Trump proposed late on Monday a 25 per cent tariff on all imports from Mexico and Canada, accusing the US’s closest neighbours of failing to tackle illegal migration and drug trafficking.
Canada’s oil industry — which supplies more than half of US crude imports — would be among the industries hit hardest. Producers warned that US consumers would feel the repercussions should imports slide and prices rise.
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