WASHINGTON — The U.S. oil industry received a significant relief on Wednesday as imports of oil, gas, and refined products were exempted from President Donald Trump’s sweeping new tariffs. The White House confirmed the exemption, which will help mitigate concerns voiced by industry leaders regarding potential disruptions and cost increases.
The U.S. oil industry had expressed fears that the tariffs could affect critical imports, such as Canadian crude oil destined for Midwest refineries, as well as European cargoes of gasoline and diesel supplying the eastern seaboard. These concerns were alleviated by the exemption, which ensures that oil trade flows will continue without the added burden of the new levies.
This exemption is expected to maintain the stability of the U.S. oil market, helping to avoid disruptions in supply and preventing price hikes on essential refined products.
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