"President-elect Trump’s proposed tariffs on Mexico and Canada are expected to raise prices at the pump.

Trump said late last month that on his first day in office, he would place 25 percent tariffs on all Canadian and Mexican goods. The two countries are the leading sources of U.S. oil imports — and if he implements the tariffs, analysts say the action could result in higher gasoline prices.

Andrew Lipow, president of consulting firm Lipow Oil Associates, said a 25 percent tariff amounts to a surcharge of about 40 cents per gallon.

“The prices at the pump are going to go up. Whether we like it or not, the East Coast is an import market and they would have to import oil at a higher price,” Lipow told The Hill."

Rachel Frazin reports for The Hill December 17, 2024. [2]