Trump could tariff foreign oil. That wonโt end the oil crisis
If anything, it could backfire on US refineries that rely on a healthy dose of foreign crude to go full blast. "We're independent now; we have our own oil," Trump said Sunday. The United States has certainly made huge strides towards weaning itself off foreign oil. More than 6 million barrels of foreign crude is still imported everyday, most of that from neighbors Canada and Mexico. That means blanket tariffs against all foreign oil, or even just ones imposed against countries outside North America, could be disastrous for US refineries.