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The threat of tariffs has loomed large over U.S. equities. Investors and strategists warn that high levies can reignite inflation in the country, and in turn, weigh on stocks.

The potential fallout depends on the specifics of what President Donald Trump announces. It also depends on how Canada and Mexico respond.

WASHINGTON — President Donald Trump will put in place 25% tariffs on imports from Canada and Mexico and 10% tariffs on goods from China effective Feb. 1, the White House said.

Elon Musk’s Tesla Inc. is spearheading an effort to block new tariffs on graphite imports from China, pitting Donald Trump’s richest backer against the president’s favorite economic tool.

Mexico’s government told President Donald Trump that his plan to place 25% tariffs on its goods would be a mistake that raises costs for U.S. consumers.

Profits for Exxon Mobil and Chevron were slammed by slumping fuel margins as the prospect of U.S. tariffs on two major oil suppliers threatens to make the refining business even worse.

Tariffs that President Donald Trump plans to slap on imports from Canada and Mexico as soon as this weekend could drive up the price of  gasoline, pickup trucks, avocados and more.

President Donald Trump said his 25% tariffs on Canada and Mexico are coming on Feb. 1, but he’s still considering whether to include oil from those countries as part of his import taxes.

Oil fell below $73 a barrel after President Donald Trump’s pick for commerce secretary suggested tariffs on Canada and Mexico are not a done deal.

President Claudia Sheinbaum brushed off a question as to whether Mexico is expecting U.S. President Donald Trump to announce 25% tariffs on Mexican goods Feb. 1.