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WASHINGTON (Reuters) – Imports of oil, fuel and refined merchandise have been exempted from U.S. President Donald Trump’s sweeping new tariffs, the White Home mentioned on Wednesday.
The exemption will come as a aid to the U.S. oil business, which had expressed considerations that new levies may disrupt flows and lift prices on all the things from Canadian crude oil serving Midwest refineries to European cargoes of gasoline and diesel to the japanese seaboard.
Trump on Wednesday introduced he would impose a ten% baseline tariff on all imports to the US and better duties on dozens of the nation’s greatest buying and selling companions, deepening a commerce conflict that he kicked off on his return to the White Home.
The commerce protections, nonetheless, don’t apply to power imports from Canada or Mexico – that are already exempted underneath the United States-Mexico-Canada Settlement free commerce deal – nor do they apply to power imports from some other nation, a White Home official mentioned.
Canada and Mexico are the 2 largest sources of imported crude oil to the US, whereas Europe is a big supply of imported gasoline to the U.S. East Coast, which has a dearth of oil refineries.
(Reporting by Jarrett Renshaw; Writing by Richard Valdmanis; Modifying by Nia Williams)
