Why Trump’s Tariffs Could Drive Up US Gasoline Prices: QuickTake

Americans love driving and doing so on the cheap, but newly imposed tariffs on oil imported from Canada and Mexico are likely to raise gasoline prices around the US and cause headaches for the refiners responsible for making the fuel.

The cost of living is top of mind right now for US consumers, whose long-term inflation expectations are at the highest level in almost three decades on concerns that President Donald Trump’s tariffs will lead to higher prices. Although fuel is a small portion of the average American household’s budget, it’s a highly visible and politically sensitive expense ...