Trumps Tariffs Set to Pump Up Gas Prices: What You Need to Know

Image credits: FILE PHOTO: Gas Prices in Pennsylvania · Reuters - A sign of things to come? This photo of a gas station in Pennsylvania may soon be a relic of the past as gas prices are set to rise due to new tariffs on energy imports. (Image courtesy of Reuters)

The Trump administration's new tariffs on energy imports are set to have a significant impact on gas prices across the US. With a 25% tariff on all imports from Mexico, a 10% tariff on Canadian energy, and a doubling of duties on Chinese goods to 20%, the cost of energy imports is set to rise. This, in turn, will drive up gas prices, with the Northeast region likely to be the first to feel the effects.

According to fuel distributor TACenergy, wholesale gasoline prices in the US Northeast have already surged due to the tariffs. This hike will soon filter through to New England's pumps, with retail fuel experts predicting an increase of 20 to 40 cents a gallon. "If you're filling up in the Northeast, you'll see price increases first and more significantly," said GasBuddy analyst Patrick De Haan.

But the impact won't be limited to the Northeast. Other regions that rely heavily on crude oil imports from Canada and Mexico will also see a spike in fuel prices. The Midwest, for example, could see a 10- to 15-cent jump in pump prices over the next few weeks, according to Alex Ryan, energy director at Kansas-based Oasis Energy.

So, what can you do to prepare for the impending price hike? Here are a few tips:

• Fill up your tank now, before prices rise
• Consider using gas price tracking apps like GasBuddy to find the cheapest gas stations in your area
• Look into fuel-efficient vehicles or alternative modes of transportation
• Budget for the increased cost of gas in your monthly expenses

The impact of Trump's tariffs on gas prices is just one example of the unintended consequences of protectionist trade policies. As Chet Thompson, CEO of American Fuel and Petrochemical Manufacturers, said, "Imposing tariffs on energy, refined products and petrochemical imports will not make us more energy secure or lower costs for consumers... we continue to hope quick resolution can be found with our North American neighbors."

As the situation continues to unfold, one thing is clear: the cost of filling up your tank is set to rise. Stay ahead of the curve by staying informed, and take steps to prepare for the impending price hike. With the right knowledge and strategies, you can navigate the changing landscape and keep your wallet intact.