US President Trump imposes tariffs on oil, gas

Washington: US President Donald Trump has announced tariffs on oil and gas from February 18.

President Donald Trump said that tariffs would also be applied to steel, aluminum, and copper. Canada's behavior with us has not been good. Canada, Mexico, and China cannot do anything about the implementation of tariffs, and will also be imposed on the European Union.

The US President also stated that Jordan and Egypt will accept the Gaza victims. He will talk to the Russian President and is hopeful for some important steps. Serious talks are underway with Russia. The Panama Canal will be regained.

It is pertinent to note that earlier the White House announced that it would impose a 25 percent tariff on Mexico and Canada and a 10 percent tariff on China from February 1.

The White House said that from February 1, a 25 percent duty will be applied on goods exported to the US from Mexico and Canada, while a 10 percent duty will be applied on goods sent to the US from China.

The imposition of tariffs is likely to further increase oil prices.

The White House press secretary said in a briefing that the US president has not yet made a final decision on imposing tariffs against the European Union.

In addition, the press secretary added that Israeli Prime Minister Netanyahu will visit the US on Tuesday, and he will also meet with US President Trump.

Earlier, Canadian Prime Minister Justin Trudeau said that if the US imposes tariffs, Canada will respond quickly and forcefully. ‘We do not want to do this, but we will respond quickly to such a move’.

Notably, a tariff is a tax or levy that the government imposes on goods imported or exported to a country. Its main purpose is to protect the country's economy and local industries, reduce the trade deficit, and generate revenue for the government.