New research shows that Trump’s tariff plan would raise gas prices by at least 15 cents a gallon at the pump.
Trump is campaigning on how he will lower prices with more energy production, but new research shows that the ex-president’s plan would increase gas prices.
Trump has called for imposing tariffs of up to 20 percent on all imported goods should he be elected. That would likely affect at least half, if not all, of the 8 million barrels of crude oil that the United States imports, market analysts said, in what could become an especially politically explosive example of his tariffs’ impact on consumers’ wallets. Such a move could also blow up a trade treaty with the nation’s No. 1 supplier of imported oil: Canada.
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A 10 percent tariff — the minimum level Trump has floated — would raise the average retail gasoline price by 5 percent, said BCA …