‘Oligarchy’: Trump exempts big oil donors from tariffs package
‘Oligarchy’: Trump exempts big oil donors from tariffs package
Trump’s new 10% universal tariffs will not apply to many fossil fuel products in sign of his fealty, advocates say
Summary
Donald Trump's new 10% universal tariffs exclude many fossil fuel products, benefiting the oil and gas sector while raising prices for consumers.
The exemption covers crude oil from Canada, liquefied natural gas, and petrochemical inputs.
It follows $96 million in campaign donations from the industry and aligns with Trump’s deregulatory agenda. Critics call it favoritism for billionaire donors amid rising costs for Americans.
While the carveout softens tariff impacts on energy, broader economic fallout includes falling oil prices and inflation risks, contradicting Trump’s promises to fight high consumer costs.
"Oiligarchy"
And there it is.
It's been there since his last term.
I mean no surprises there, but if things go as I imagine it's not going to mean that much any more. If people in the US are buying and travelling less, that will still sink the demand for oil, and if the glut from OPEC continues then it will be game over for many producers.
And oil not destined for transportation is gonna take a hit too. I'm thinking plastics but oil is an extremely versatile material
Because if they didn't do that, the people would rise up.
Just like how Canadian Potash was mostly exempted, and that the Moron got really mad when Ontario put an export tariff on electricity.
Because it would affect Yank pocketbooks directly.
That is an interesting idea put an export tax on goods not tariffed.
China is going one step further. Aside from their own tariffs, they have blocked all rare earth mineral exports to the US.
Given that US companies sold them the monopoly they enjoy in the mid to late 2000s, that is amusing.
Also, Trumps entire stated goal is onshoring production, putting export caps and taxes on oil, potash, minerals and electricity directly hurts that goal.
lol, no wonder russia is not tariffed.