The first Americans to feel Trump's tariff 'pain'? New Englanders.
Published On Feb 3, 2025, 12:53 PM
The article discusses the imminent introduction of tariffs by President Trump on Canadian imports, which would affect heating bills for residents in New England. Irving Oil announced that any tariffs imposed would lead to increased costs for their customers, contradicting the president's promises of lower consumer prices. The tariffs, set at 25% for Canada and 10% for Mexico, may particularly affect areas in New England reliant on energy from Canada during peak heating demand. Economists warn that these tariffs could lead to significant annual cost increases for American families, undermining promises made by the administration to relieve cost burdens during a period of increased living expenses.
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The introduction of tariffs is likely to increase costs for consumers. This situation may negatively impact companies related to energy and heating in the affected regions. As a result, investors should be cautious about investments in companies reliant on Canadian energy imports.