Trump's Tariffs Threaten Price Surges for Gas, Lumber Across US

President Trump has announced a 30-day pause on tariffs against Canada and Mexico, narrowly avoiding a potential trade war. The proposed tariffs included a 25% levy on goods from Canada and a 10% tariff on Canadian energy imports, which could lead to increased energy prices for consumers in states heavily reliant on Canadian oil and electricity, such as New York and regions of the Midwest. Experts warn that if the tariffs take effect, they could result in a 5- to 20-cent increase per gallon of gas and significantly impact housing costs due to rising lumber prices. Local businesses have already reported price hikes in lumber sourced from Canada, with potential for broader economic strain if tariffs are enacted. Meanwhile, the situation has caused fluctuations in European natural gas prices as markets react to Trump's trade policies. The overall concern remains on the long-term implications for consumers and businesses if tariffs are ultimately implemented next month.