Trump tariffs on Canada imports could bring sharply higher gas prices

Americans may be shelling out more for gasoline if the incoming Trump administration follows through on threats to impose tariffs on imports from Canada and Mexico.

President-elect Donald Trump this week said he would enact a 25% tariff on all products from both countries, citing concerns about illegal immigration and illicit drugs flowing into the U.S. While prices could climb on a variety of goods shipped to the U.S., the potential impact on motorists and on the transportation sector could be particularly acute, analysts say.

"Canada and Mexico are huge U.S. trading partners, so it's a shot across the bow of longtime U.S. allies," Patrick De Haan, head of petroleum analysis at GasBuddy, told CBS MoneyWatch.

"For a lot of the U.S., it could be problematic for what they pay at the pump," De Haan said of the tariffs' impact, in particular to inland regions such as the Great Lakes, Midwest and the Rockies. "The coastal areas have more options — they don't rely as much on Canadian crude."

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