“Mexico is the No. 2 foreign source of oil to the United States, supplying an average of 658,000 barrels of crude a day in March to ExxonMobil, Valero and other refiners,” CNN Business reports. The heavy oil that Mexico produces is already in short supply due to sanctions on Venezuela.
“US refiners will be forced to either pay the 5% tariff for Mexico's oil or, more likely, pay up for heavy barrels elsewhere. Some of that oil will probably come from Colombia, Brazil, Ecuador, Iraq and Kuwait — countries already shipping heavy crude to Asia and elsewhere.”