Oil imports exempted from Trump’s sweeping tariffs

WASHINGTON (Reuters) – Imports of oil, fuel and refined merchandise had been exempted from U.S. President Donald Trump’s sweeping new tariffs, the White Home stated on Wednesday.

The exemption will come as a aid to the U.S. oil business, which had expressed issues that new levies might disrupt flows and lift prices on all the pieces from Canadian crude oil serving Midwest refineries to European cargoes of gasoline and diesel to the jap seaboard.

Trump on Wednesday introduced he would impose a ten% baseline tariff on all imports to america 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, nevertheless, don’t apply to vitality imports from Canada or Mexico – that are already exempted underneath the United States-Mexico-Canada Settlement free commerce deal – nor do they apply to vitality imports from another nation, a White Home official stated.

Canada and Mexico are the 2 largest sources of imported crude oil to america, whereas Europe is a major 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)