During remarks in the Oval Office on Friday, President Trump suggested that he may reduce the 25% tariff on Canadian crude oil to 10%. When asked about the impact of tariffs on Canadian oil, Trump responded that he plans to lower the tariff rate. The White House had initially confirmed the imposition of tariffs starting February 1, with 25% tariffs on Mexico and Canada, and 10% on China. However, Trump later indicated that Canadian oil might face a reduced tariff rate of 10%, potentially starting on February 18.
In addition to the tariff adjustments for Canadian oil, the president also mentioned future plans to impose tariffs on the European Union. Trump accused the EU of unfair treatment towards the United States, hinting at potential trade actions against the bloc in the future.
