All else equal, this would increase gasoline prices, which in most of the country have averaged $3 per gallon for the past year amid historically low levels of petroleum inventories (see chart). But Trump wants lower gasoline prices, which is why if the oil tariffs come at all, they will likely start slowly.

Trump also said he was still considering new tariffs on Chinese goods, citing its part in the fentanyl trade. He has threatened a 10% duty on all Chinese goods, after imposing pun