Oil, natural gas and refined product imports exempted from new US tariffs

The baseline tariff of 10% on all imports to the United States, and higher for many major trading partners, as announced by US President Donald Trump on Wednesday, won’t apply to crude oil, natural gas and refined energy commodities, the White House said.

The imports of oil, gas and refined products were exempted from the sweeping new US tariffs, the White House said in a statement.

President Trump on Wednesday announced that the US would impose a 10% baseline tariff on all imports to the United States and higher duties on several trading partners.

However, the new tariffs do not apply to energy imports from Canada or Mexico, which are already exempted under the United States-Mexico-Canada Agreement free trade deal. They also do not apply to energy imports from any other country, according to a White House official, Reuters reported.

Although the US is one of the world’s largest oil producers, US oil fields are mainly concentrated in Texas and North Dakota, making it cost-effective for other states and regions to import oil from Canada. The increased production of Mexican crude has also led to its increasing import in some US markets.

The import of energy commodities in the US range from Canadian crude oil serving Midwest refineries to European cargoes of petrol and diesel to the eastern seaboard.

US producers meanwhile also sell their light crude to international markets. In 2023, the US exported more than 10 million barrels per day of oil to 173 countries and three US territories. The US Energy Information Administration (EIA) estimates that US crude oil production will continue to rise, reaching an average of 13.5 million b/d in 2025, up from a record 13.2 million b/d in 2024.