Canada is America’s second largest trading partner. In 2023, of the $416 billion of imported goods from Canada, $119 billion is oil and gas, and petroleum products and coal. (Total merchandise imports is $3.1 trn.) From the Milwaukee Sentinel Journal today:

If Trump follows through on implementing 25% tariffs on Canada and Mexico Feb. 1, then Midwest gas prices could be be affected in a few different ways, De Haan said in an interview with the Journal Sentinel last week.

The 25% tariffs could increase the price of Canadian crude oil from about $63 per barrel to $80, according to De Haan. The refineries that serve Wisconsin rely primarily on Canadian crude oil, so within a few days of the tariffs kicking in, prices at the pump could rise between 20 and 50 cents a gallon.

This presumes Canada does not cease sales of crude, or some other retaliation of a similar nature.

Saturday should be interesting.