Trump’s new tariffs on Canadian and Mexican oil could raise U.S. refining costs, disrupt supply chains, and drive up fuel prices. Here’s how they impact energy markets.

From fruits and veggies to car parts, economists project that businesses will pass along the cost of the tariffs to customers.

Joseph Lavorgna, SMBC Nikko Securities American Chief US Economist & Former Chief Economist for the White House National Economic Council, talks about President Trump announcing 25% tariffs on both Mexico and Canada will take effect Tuesday and discusses what the economic impacts will be.