According to Tom Kloza, the global head of energy analysis at Oil Price Information Service, if fuel producers respond to the tariffs by cutting production, gasoline prices in the Midwest could climb 15 to 20 cents a gallon, with more muted effects in other parts of the country.

Fresh tariffs amid high inflation are making the Fed’s job uniquely difficult and feeding uncertainty about what to expect for interest rates this year.

President Donald Trump said Monday that he expects to put 25% tariffs on Canada and Mexico starting on Feb. 1, while declining to flesh out his plans for taxing Chinese imports.

The U.S. dollar gained strength against major currencies as markets awaited President Trump's tariffs on Mexico and Canada. Meanwhile, U.S. consumer spending data suggested the Federal Reserve may not cut interest rates soon.

Apple stock rises after the tech giant posts better-than-expected earnings and guides for solid growth, Intel declines after revenue projections miss analysts’ estimates, and Chevron posts adjusted earnings below expectations.

Yields on U.S. government debt turned little changed Friday morning after December readings from the Federal Reserve’s preferred inflation report met expectations.

On Thursday, Donald Trump reiterated his intensions of imposing 25% tariffs on Canada and Mexico. Trump had been accusing Canada and Mexico of allowing illegal immigrants and the deadly opioid fentanyl to enter the US economy.

US stock futures (YM=F, ES=F, NQ=F) are trading higher after the Personal Consumption Expenditures (PCE) price index, the Federal Reserve's preferred inflation measure, showed core prices increased as expected in December.

S&P 500 rises amid mixed earnings from Apple, Intel, and energy giants. Trump's tariff threats and slowing GDP growth to 2.3% test market resilience amid Fed watch.

If Donald Trump is worried about trade deficits with Canada he should take a look at today’s chart from National Bank. Sixty per cent of the 35 major American industries in bilateral trade with Canada have a trade surplus, compared with 25 per cent of the industries that have a surplus when trading with the rest of the world.

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