(Reuters) -U.S. President-elect Donald Trump's plan to impose 25% tariffs on Canadian and Mexican imports in his first day in office does not exempt crude oil from the trade penalties, two sources familiar with the plan told Reuters on Tuesday. Trump's tariff threats are broad and include oil imports, the two sources said, both adding that Trump often takes an aggressive posture at the beginning of negotiations. The U.S. refining industry was hoping Trump would exempt oil imports over concerns that they would lead to the type of energy price spikes the former president vowed to eliminate when he took the White House.
That’s because he doesn’t understand how economies work. This is the guy that bankrupted a casino.