President Donald Trump said he would impose tariffs on a wide range of imports in the coming months, including on steel, aluminum, oil and gas, pharmaceuticals, as well as semiconductors — ramping up his threats to hit trading partners with new levies.

All else equal, this would increase gasoline prices, which in most of the country have averaged $3 per gallon for the past year amid historically low levels of petroleum inventories (see chart). But Trump wants lower gasoline prices, which is why if the oil tariffs come at all, they will likely start slowly.

Oil futures ended lower Friday, contributing to a loss for the week, though prices held on to a gain for the month as traders awaited a tariff decision by President Donald Trump on crude imports from Canada and Mexico.

Welcome to our guide to the energy and commodities powering the global economy. Today, reporter Robert Tuttle looks at the close integration of US-Canadian oil markets and what that means for Donald Trump’s tariff plans.

Oil prices were steady on Friday but on course for a weekly decline as markets wait to see if U.S. President Donald Trump follows through on his threat to impose tariffs on Mexico and Canada this weekend.

Oil futures ticked lower Friday and were on track for weekly losses as traders awaited a decision by President Donald Trump on tariffs on imports from Canada and Mexico.

President Donald Trump said he would impose tariffs on a wide range of imports, including oil and metals, in the coming months, expanding his plans to enact sweeping trade levies well beyond those set to hit China,