When U.S. President-elect Donald Trump announced his plan to impose tariffs on goods coming from Canada and Mexico until they stop the flow of migrants and drugs, he said he wanted the countries to "pay a very big price!”
In energy markets, it won’t just be Canada and Mexico taking the hit, according to analysts, who say the domestic fallout would be so severe that Trump will likely end up exempting energy products once he takes office.
Charging 25% levies on oil and gas from the U.S.’s top two trading partners would spike gasoline prices in the Midwest, raise electricity costs along both U.S. coasts and hammer profitability for America’s refiners, among other effects, experts say.
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