Trump says oil imports may be excluded from Canada, Mexico tariffs

US President Donald Trump said he would soon decide whether to exclude Canadian and Mexican oil imports from the 25% tariffs that he has vowed to impose on Saturday on the countries' products, Reuters reported.

"We may or may not. We're going to make that determination probably tonight," Trump said about whether he would impose tariffs on Canadian and Mexican oil.

He added that this would partly depend on prices and on whether the two countries "treat us properly."

Although Trump indicated that the final decision would depend on whether oil prices from Canada and Mexico are fair, such a move could contradict his repeated pledge to reduce inflation by lowering energy costs.

According to the US Energy Information Administration, US crude production averaged around 13.5 million barrels per day (bpd) in October. However, the country imported approximately 4.6 million bpd from Canada and 563,000 bpd from Mexico during the same month.