Trump’s new 10% universal tariffs will not apply to many fossil fuel products in sign of his fealty, advocates say

Summary

Donald Trump’s new 10% universal tariffs exclude many fossil fuel products, benefiting the oil and gas sector while raising prices for consumers.

The exemption covers crude oil from Canada, liquefied natural gas, and petrochemical inputs.

It follows $96 million in campaign donations from the industry and aligns with Trump’s deregulatory agenda. Critics call it favoritism for billionaire donors amid rising costs for Americans.

While the carveout softens tariff impacts on energy, broader economic fallout includes falling oil prices and inflation risks, contradicting Trump’s promises to fight high consumer costs.

  • deadfatquarterzip@lemm.eeEnglish
    1·
    1 day ago

    And oil not destined for transportation is gonna take a hit too. I’m thinking plastics but oil is an extremely versatile material